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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.
Featured Insight
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.
Featured Insight
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.
Featured Insight
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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Urban Development and Housing
Urban Development and Housing
Recent trends and developments in government expenditure on urban development and housing.
The Cost of a Kevili Table in 2023
This Avurudu, the cost of preparing a Kevili table has risen by 2.4 times since 2019. The basket of items one would usually find at Kevili table vary between households. Public Finance.lk used the following: Kokis...
From The PF Wire
Source:
The Sunday Times
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Sri Lanka had met 25% of the trackable programme commitments of the International Monetary Fund (IMF) programme as at the end of March 2023 but had failed on one, according to 'The IMF Tracker', a new online tool launched by Verit&ea...
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