IRD Targets Rs. 2.4 Trillion Revenue for 2026 📈

The Inland Revenue Department (IRD) has set an ambitious revenue target of Rs. 2,402 Bn for the 2026 fiscal year. This follows a record-breaking 2025 performance, where the department surpassed its goals to achieve the highest annual revenue in its history. • 2025 Performance Review The IRD collected Rs. 2,244 Bn in 2025, exceeding the assigned target of Rs. 2,202 Bn by Rs. 42 Bn. This represents a significant milestone in national revenue collection, driven by enhanced enforcement and tax administration reforms. • Strategic Collaboration A landmark Memorandum of Understanding (MoU) has been signed with Sri Lanka Customs to launch joint audit operations. This initiative aims to: - Strengthen compliance and minimize revenue leakages. - Enhance data sharing between the two key agencies. - Crack down on import-related tax evasion and under-valuation. • Expanding the Tax Net The IRD is aggressively broadening the national tax base to ensure long-term fiscal sustainability. - Current Status: Approximately 12 Mn individuals have been issued Taxpayer Identification Numbers (TINs). - Future Target: The department aims to expand the database to 17 Mn individuals to improve overall compliance. The IRD remains confident that intensified enforcement and closer coordination with Customs will secure the 2026 target, further stabilizing the economy.