IRD: Taxpayer Base Rises, Revenue Momentum Strong 📈

• Tax compliance efforts boost individual taxpayers to 1.2 million, with 200,000 new registrations so far in 2025. • Increased formalisation sees 18,000 new company registrations and 30,000 excise duty registrations this year. • Revenue collection maintains a strong upward trend, supported by expanded taxpayer coverage: • VAT revenue increased by 21% compared to last year (YoY). • Income Tax collections are up by 14% (YoY). • The IRD collected over Rs. 2 Trillion as of 17 November, the highest annual revenue in history, exceeding the full-year 2024 figure (Rs. 2.62 Tn) by over Rs. 60 Bn. • Officials expressed confidence in achieving the 2025 annual target, strengthening the State’s fiscal position. • The personal tax threshold has been increased from Rs. 1.2 Mn to Rs. 1.8 Mn for the 2025 assessment year.