📈 IRD Q1 Revenue Surges 17.7% to Rs. 606 Billion

The Inland Revenue Department (IRD) has reported a robust start to 2026, collecting Rs. 606.002 Bn in tax revenue during the first quarter (1 Jan – 31 Mar), marking a 17.7% YoY increase. • Overall Performance: Q1 collections have already reached nearly 25% of the total annual revenue target for 2026, maintaining momentum from the previous year's record results. • Key Revenue Streams: Growth was driven by solid gains across all primary tax categories, specifically Income Tax (IT), Value Added Tax (VAT), and the Social Security Contribution Levy (SSCL). • Primary Drivers: • Continued economic expansion and strengthened tax policy measures. • Improved administrative efficiency and enhanced compliance efforts. • Notable rise in voluntary compliance, indicating improved taxpayer confidence in the national system. • Economic Impact: The IRD credited the cooperation of both public and private sector institutions for this performance, which remains critical for fiscal stability and national development goals. _Note: Figures are based on provisional data released by the IRD Commissioner General._