Tax rise modest….
According to the Inland Revenue Department (IRD), the government has already received more than Rs. 25 billion through the Advance Personal Income Tax in just the first quarter of 2023. The Advance Personal Income Tax brought in a total of Rs. 25,577 million between January and March, according to a press statement issued by the IRD. The department received Rs. 3,106 million from the tax in January, but in February and March, the revenue increased to Rs. 10,540 million and Rs. 11,931 million, respectively. According to the IRD, this resulted in a modest rise in tax income in the first quarter of 2023.