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Treasury seeks public proposals to lift revenue to 20% of GDP

Daily FT

June 04, 2026

THE Finance, Planning and Economic Development Ministry has called for public proposals on revenue enhancement strategies as the Government seeks to strengthen tax collection and increase revenue performance towards its long-term fiscal targets.

The call comes as the Government seeks to consolidate recent gains in revenue mobilisation under its International Monetary Fund (IMF)supported reform program.

The IMF has noted that revenue collection has outperformed expectations and remains a key pillar of the country's fiscal adjustment efforts.

However, the Fund has also cautioned that external shocks linked to the Middle East conflict have worsened Sri Lanka's economic outlook, with growth now projected to slow to 3% in 2026.

Against this backdrop, policymakers face the challenge of sustaining fiscal consolidation while broadening the tax base, improving compliance, and reducing reliance on tax rate increases to strengthen public finances over the medium term.

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