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Revenue Foregone by Government Due to Tax Concessions
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 on 31 March. The foregone revenue amounts to 56% of the total tax revenue collected by the government in 2022. The source was a document titled “Tax Expenditure Statement” published on March 31, 2024 by the Ministry of Finance of Sri Lanka - linked below. 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 practices”. The government also committed in the IMF programme to publish on a semi-annual basis “a list of all firms receiving tax exemptions through the Board of Investment and the SDP [Strategic Development Projects Act], and an estimation of the value of the tax exemption”. The due date for initiating these disclosures was March 2023. It was recorded as “not met” by the “IMF Tracker” (available at: https://manthri.lk/en/imf_tracker) as of the last update on February 2024. Government report: (https://bit.ly/4aB60ad)
Featured Insight
Revenue Foregone by Government Due to Tax Concessions
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 on 31 March. The foregone revenue amounts to 56% of the total tax revenue collected by the government in 2022. The source was a document titled “Tax Expenditure Statement” published on March 31, 2024 by the Ministry of Finance of Sri Lanka - linked below. 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 practices”. The government also committed in the IMF programme to publish on a semi-annual basis “a list of all firms receiving tax exemptions through the Board of Investment and the SDP [Strategic Development Projects Act], and an estimation of the value of the tax exemption”. The due date for initiating these disclosures was March 2023. It was recorded as “not met” by the “IMF Tracker” (available at: https://manthri.lk/en/imf_tracker) as of the last update on February 2024. Government report: (https://bit.ly/4aB60ad)
Featured Insight
Revenue Foregone by Government Due to Tax Concessions
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 on 31 March. The foregone revenue amounts to 56% of the total tax revenue collected by the government in 2022. The source was a document titled “Tax Expenditure Statement” published on March 31, 2024 by the Ministry of Finance of Sri Lanka - linked below. 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 practices”. The government also committed in the IMF programme to publish on a semi-annual basis “a list of all firms receiving tax exemptions through the Board of Investment and the SDP [Strategic Development Projects Act], and an estimation of the value of the tax exemption”. The due date for initiating these disclosures was March 2023. It was recorded as “not met” by the “IMF Tracker” (available at: https://manthri.lk/en/imf_tracker) as of the last update on February 2024. Government report: (https://bit.ly/4aB60ad)
Featured Insight
Revenue Foregone by Government Due to Tax Concessions
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 on 31 March. The foregone revenue amounts to 56% of the total tax revenue collected by the government in 2022. The source was a document titled “Tax Expenditure Statement” published on March 31, 2024 by the Ministry of Finance of Sri Lanka - linked below. 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 practices”. The government also committed in the IMF programme to publish on a semi-annual basis “a list of all firms receiving tax exemptions through the Board of Investment and the SDP [Strategic Development Projects Act], and an estimation of the value of the tax exemption”. The due date for initiating these disclosures was March 2023. It was recorded as “not met” by the “IMF Tracker” (available at: https://manthri.lk/en/imf_tracker) as of the last update on February 2024. Government report: (https://bit.ly/4aB60ad)
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Ownership of Outstanding Foreign Debt
Provides the ownership of annual central government foreign debt decomposed into debt from multilateral, bilateral and financial markets in LKR millions. Source: Table 107, Statistical Appendix, CBSL Annual Report
Cross Country Comparison of Debt (percent of GDP)
Provides the total annual government debt as a share of GDP of all countries in the world. Source: World Economic Outlook Database, October 2020, IMF
Ownership of Central Government Domestic Debt
Provides the ownership of annual central government domestic debt decomposed into the banking sector and non banking sector in LKR millions. Source: Table 103, Statistical Appendix, CBSL Annual Report
Summary of Central Government Debt (1950-2023)
Provides the annual central government debt decomposed into domestic and foreign debt in LKR millions and as a share of GDP. Source: Table 6 ,Special Statistical Appendix, CBSL Annual Report
Composition of Outstanding Government debt : By Instrument
Provides the annual composition of outstanding government debt decomposed into foreign debt and domestic debt in LKR millions. Source: Table 105, Statistical Appendix, CBSL Annual Report
Debt Service Payments
Provides the annual debt service payments, amortisation of payments and interest payments on government debt in LKR millions. Source: Actual- Central Bank Annual Reports Table 6.7, Projections - Budget Estimates 2017 (draft) Table 4.5, CBSL