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Tax concessions account for half of the budget deficit
All sorts of tax concessions (reported as “tax expenditure”)costs the government almost a trillion rupees a year in potential revenue. In the financial year 2023/24 the tax expenditure statement published by the government reported forgone reporting as LKR 966 billion in revenue. This tax expenditure figure amounts to around 3% of GDP and 21% of projected tax revenues in 2025. The fiscal implication of this is considerable, with the potential to reduce the budget deficit by nearly half—from LKR 2,200 billion to LKR 1,234 billion.
විදසුන්
Tax concessions account for half of the budget deficit
All sorts of tax concessions (reported as “tax expenditure”)costs the government almost a trillion rupees a year in potential revenue. In the financial year 2023/24 the tax expenditure statement published by the government reported forgone reporting as LKR 966 billion in revenue. This tax expenditure figure amounts to around 3% of GDP and 21% of projected tax revenues in 2025. The fiscal implication of this is considerable, with the potential to reduce the budget deficit by nearly half—from LKR 2,200 billion to LKR 1,234 billion.
විදසුන්
Tax concessions account for half of the budget deficit
All sorts of tax concessions (reported as “tax expenditure”)costs the government almost a trillion rupees a year in potential revenue. In the financial year 2023/24 the tax expenditure statement published by the government reported forgone reporting as LKR 966 billion in revenue. This tax expenditure figure amounts to around 3% of GDP and 21% of projected tax revenues in 2025. The fiscal implication of this is considerable, with the potential to reduce the budget deficit by nearly half—from LKR 2,200 billion to LKR 1,234 billion.
විදසුන්
Tax concessions account for half of the budget deficit
All sorts of tax concessions (reported as “tax expenditure”)costs the government almost a trillion rupees a year in potential revenue. In the financial year 2023/24 the tax expenditure statement published by the government reported forgone reporting as LKR 966 billion in revenue. This tax expenditure figure amounts to around 3% of GDP and 21% of projected tax revenues in 2025. The fiscal implication of this is considerable, with the potential to reduce the budget deficit by nearly half—from LKR 2,200 billion to LKR 1,234 billion.
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Sri Lanka moves closer to finalising debt restructuring with Japan
Sri Lanka’s Cabinet approved a debt restructuring agreement with JICA, following bipartisan negotiations and legal clearance, aiming to boost investor confidence and secure further international financial support....
2025-02-06
Daily FT
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World Bank-funded urea to support small-scale paddy growers
Sri Lanka took delivery this week of the first stock of urea fertiliser purchased with World Bank funding provided under an emergency facility.
2022-10-30
The Sunday Times
වැඩිදුර කියවන්න
Electricity to cost 2.5% more due to Social Security Tax
Electricity charges will increase by 2.5%, the Public Utilities Commission (PUCSL) confirmed yesterday.
2022-10-27
Daily Ft
වැඩිදුර කියවන්න
Low interest working capital loan scheme for SMEs under ADB credit line
Small and medium enterprises can avail of working capital loans from banks through a loan scheme facilitated under an existing ADB credit line, the Finance Ministry said.
2022-10-27
LBO
වැඩිදුර කියවන්න
Government told to act soon on re-profiling domestic debt to avoid haircuts
Sri Lanka could achieve the economic policy goals it aspires without needing to impose ‘haircuts’ on capital or domestic creditors, if the government can act soon and carry out the restructuring effort early. The latest policy no...
2022-10-25
Daily Mirror
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