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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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Gazette No -2294/26- Order Under Section 3(3) of the Ports and Airports Development Levy Act, No. 18 of 2011 (22/08/2022)
An act to make provision for the imposition and collection of a levy to be called the ports and airports development levy on every article originating from outside Sri Lanka and imported into Sri Lanka; to amend part i of the finance act, no. 11 of 2002; and to provide for matters connected therewith or incidental thereto.
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Ports and Airports Development Levy (Amendment) Act, No. 5 of 2020
AN ACT TO AMEND THE PORTS AND AIRPORTS DEVELOPMENT LEVY ACT, NO. 18 OF 2011.
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Ports and Airports Development Levy Act, No. 18 of 2011
AN ACT TO MAKE PROVISION FOR THE IMPOSITION AND COLLECTION OF A LEVY TO BE CALLED THE PORTS AND AIRPORTS DEVELOPMENT LEVY ON EVERY ARTICLE ORIGINATING FROM OUTSIDE SRI LANKA AND IMPORTED INTO SRI LANKA; TO AMEND PART I OF THE FINANCE ACT, NO. 11 OF 2002; AND TO PROVIDE FOR MATTERS CONNECTED THEREWITH OR INCIDENTAL THERETO.
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