Tuesday, 02 April 2024 09:44

Tax concessions lead to Rs 978 bn foregone revenue in FY 2022/23 Featured

For the fiscal year 2022/23 (April to March), tax concessions resulted in a total of LKR 978 billion in foregone revenue, the government reported yesterday (31 March).

The foregone revenue amounts to 56% of the total tax revenue collected by the government in 2022.

This was highlighted by PublicFinance.lk, Sri Lanka’s premier economic insights platform, maintained by Verité Research.

The source was a document titled “Tax Expenditure Statement” published on March 31, 2024 by the Ministry of Finance of Sri Lanka.

The document reports the government’s estimates of the total revenue foregone due to various special targeted tax concessions provided by the country. The disclosure states its purpose as “to improve transparency in Sri Lanka’s financial reporting, aligned with international best practice

 

 

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