The Inland Revenue Department (IRD) has recorded its highest-ever tax revenue in history, with a collection of Rs. 1,958,088 million. This total includes Rs. 1,023,207 million from income taxes and Rs. 714,684 million from Value Added Tax (VAT).
The revenue collected in 2024 shows a significant increase of Rs. 392,229 million from 2023 (Rs. 1,565,419 million), reflecting a 25.1% growth rate.
Officials have attributed the surge in tax revenue to improved compliance, policy changes, and economic recovery efforts.
Cabinet approval has been granted to a proposal presented by President Anura Kumara Dissanayake in his capacity as Minister of Finance , Planning and Economic Development to present the Appropriation Bill for the year 2026 to Parliament in October 2025.
Approval has also been granted to present the Budget speech in November 2025 and to hold the third reading and budget debate during November and December.
Former President Mahinda Rajapaksa’s son – Yoshitha Rajapaksa, and his grandmother – Daisy Forrest have been formally indicted today (July 02) before the Colombo High Court under the Prevention of Money Laundering Act.
The indictment was presented before High Court Judge Pradeep Abeyratne, who subsequently ordered both defendants to be released on two surety bonds of Rs. 01 million each.
The judge further ordered to obtain fingerprints of the accused and relevant records be summoned as part of the judicial process.