Sri Lanka state revenue has increased by 41% year-on-year (y-o-y) in the first six months of 2024 to Rs. 1,860 billion, as the Treasury has collected 52% of the estimated revenue for the year, Finance State Minister Ranjith Siyambalapitiya said.

Speaking at Parliament yesterday (7), he said that the government revenue in the first half of 2024 has increased to Rs. 1,860 billion, a 41% increase y-o-y compared to the same period in 2023.

He said that the government has managed to bring down the portion of indirect taxes to 70% of the overall tax collection while the target is to get to 60%.

According to Central Bank data, the government collected Rs. 244 billion as revenue in June.

Siyambalapitiya said through the performance in the the first half of the year, the Treasury has managed to collect 52.7% of the estimated revenue for 2024, while the non-tax revenue has increased by 30.4% in the first half of the year, which is mainly from interest income and fine collection.

He said that the record revenue collection has put the primary account surplus for the first six months of the year at Rs. 543.2 billion, a rare feat considering the history of Sri Lanka’s fiscal performance.

Moreover, he said that the 52 key state owned enterprises (SOEs) which recorded a collected profit of Rs. 144 billion in the first half of 2023, have also recorded a collective profit of Rs. 185.9 billion in the same period of 2024.

Further, he said that the government has managed to bring down the outstanding dues for senior citizens deposits in the banking sector from Rs. 250 billion to Rs. 88 billion by the end of 1H24.