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Government revenue set to rise by LKR 922 billion in 2025— What’s driving the increase?
The approved budget estimates for 2025 projects Government Revenue to increase to LKR 5,012 billion. This includes non-tax revenue but excludes provincial revenue and grants. The figure marks an increase of LKR 922 billion—or 23 percent—compared to LKR 4,090 billion in 2024. The rise is driven mainly by higher tax revenue, with VAT contributing the largest share. VAT revenue is projected to rise by LKR 305 billion in 2025, driving one-third of the total increase in government revenue. It is the single largest revenue source, contributing 32 percent of the government’s total revenue. Of this, LKR 193 billion is expected from VAT on imports. Excise (Special Provisions) Duty is forecast to add LKR 215 billion, driven largely by motor vehicle duties, which alone are expected to contribute LKR 171 billion. Taxes on international trade and income tax are set to increase by LKR 174 billion and LKR 141 billion, respectively. Other taxes and levies will add LKR 51 billion, while non-tax revenue is expected to contribute LKR 37 billion.
Featured Insight
Government revenue set to rise by LKR 922 billion in 2025— What’s driving the increase?
The approved budget estimates for 2025 projects Government Revenue to increase to LKR 5,012 billion. This includes non-tax revenue but excludes provincial revenue and grants. The figure marks an increase of LKR 922 billion—or 23 percent—compared to LKR 4,090 billion in 2024. The rise is driven mainly by higher tax revenue, with VAT contributing the largest share. VAT revenue is projected to rise by LKR 305 billion in 2025, driving one-third of the total increase in government revenue. It is the single largest revenue source, contributing 32 percent of the government’s total revenue. Of this, LKR 193 billion is expected from VAT on imports. Excise (Special Provisions) Duty is forecast to add LKR 215 billion, driven largely by motor vehicle duties, which alone are expected to contribute LKR 171 billion. Taxes on international trade and income tax are set to increase by LKR 174 billion and LKR 141 billion, respectively. Other taxes and levies will add LKR 51 billion, while non-tax revenue is expected to contribute LKR 37 billion.
Featured Insight
Government revenue set to rise by LKR 922 billion in 2025— What’s driving the increase?
The approved budget estimates for 2025 projects Government Revenue to increase to LKR 5,012 billion. This includes non-tax revenue but excludes provincial revenue and grants. The figure marks an increase of LKR 922 billion—or 23 percent—compared to LKR 4,090 billion in 2024. The rise is driven mainly by higher tax revenue, with VAT contributing the largest share. VAT revenue is projected to rise by LKR 305 billion in 2025, driving one-third of the total increase in government revenue. It is the single largest revenue source, contributing 32 percent of the government’s total revenue. Of this, LKR 193 billion is expected from VAT on imports. Excise (Special Provisions) Duty is forecast to add LKR 215 billion, driven largely by motor vehicle duties, which alone are expected to contribute LKR 171 billion. Taxes on international trade and income tax are set to increase by LKR 174 billion and LKR 141 billion, respectively. Other taxes and levies will add LKR 51 billion, while non-tax revenue is expected to contribute LKR 37 billion.
Featured Insight
Government revenue set to rise by LKR 922 billion in 2025— What’s driving the increase?
The approved budget estimates for 2025 projects Government Revenue to increase to LKR 5,012 billion. This includes non-tax revenue but excludes provincial revenue and grants. The figure marks an increase of LKR 922 billion—or 23 percent—compared to LKR 4,090 billion in 2024. The rise is driven mainly by higher tax revenue, with VAT contributing the largest share. VAT revenue is projected to rise by LKR 305 billion in 2025, driving one-third of the total increase in government revenue. It is the single largest revenue source, contributing 32 percent of the government’s total revenue. Of this, LKR 193 billion is expected from VAT on imports. Excise (Special Provisions) Duty is forecast to add LKR 215 billion, driven largely by motor vehicle duties, which alone are expected to contribute LKR 171 billion. Taxes on international trade and income tax are set to increase by LKR 174 billion and LKR 141 billion, respectively. Other taxes and levies will add LKR 51 billion, while non-tax revenue is expected to contribute LKR 37 billion.
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Key Expenditure Components 2025
Key Expenditure Components 2025
This document provides government expenditure estimates for 2025 in terms of expenditure components under each ministry.
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