(NewsRadio); State Minister of Finance Ranjith Siyambalapitiya says the state revenue has increased by 50 per cent this year in comparison to 2022.
State Minister Siyambalapitiya noted that Sri Lanka’s government revenue was one of the lowest among nations across the world last year.
He said the government revenue amounted to only around 8.3 per cent of the gross domestic product (GDP) in 2022.
Speaking to media, the State Minister of Finance stated that from that point, Sri Lanka has made considerable progress in the past year.
He said however, the increase is still inadequate as pointed out by the International Monetary Fund.
State Minister Ranjith Siyambalapitiya said new targets have been set while the IMF has called on authorities to address the administrative issues and also to take steps prevent tax evasion which has become a major barrier to reach revenue targets.
State Minister Siyambalapitiya stressed that in order to ensure sustainable growth and move forward as a country, a number of corrective measures have to be taken.