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

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

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

The foregone income quantities to 56% of the overall tax revenue gathered by the authorities in 2022.

This was highlighted by, Sri Lanka’s premier economic insights system, managed by Verité Study.

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

The document stories the government’s estimates of the complete earnings foregone thanks to numerous specific qualified tax concessions delivered by the state. The disclosure states its objective as “to boost transparency in Sri Lanka’s monetary reporting, aligned with worldwide most effective practices”.

The governing administration also dedicated in the IMF programme to publish on a semi-once-a-year basis “a list of all companies receiving tax exemptions through the Board of Expenditure and the SDP [Strategic Development Projects Act], and an estimation of the benefit of the tax exemption”. The because of day for initiating these disclosures was March 2023. It was recorded as “not met” by the “IMF Tracker” (accessible at: as of the final update on February 2024.

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Govt report: (

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