April 02, Colombo (LNW): In the fiscal year 2022/23 (April to March), the Sri Lankan government reported a total of Rs. 978 billion in foregone revenue due to tax concessions, as disclosed on March 31, 2024.
This amount represents 56 per cent of the total tax revenue collected by the government during 2022.
The information was brought to light by PublicFinance.lk, a leading economic insights platform in Sri Lanka managed by Verité Research.
The data originates from a document titled “Tax Expenditure Statement,” released by the Ministry of Finance of Sri Lanka.
The purpose of this disclosure is to enhance transparency in Sri Lanka’s financial reporting, aligning with international best practices.
Additionally, the government has committed to the International Monetary Fund (IMF) programme to semi-annually publish a comprehensive list of all firms benefiting from tax exemptions through the Board of Investment and the Strategic Development Projects Act (SDP), along with an estimation of the value of these tax exemptions.
