In the fiscal year 2022/23, Sri Lanka's government disclosed a significant foregone revenue of LKR 978 billion, representing 56% of the total tax revenue, due to tax concessions. PublicFinance.lk, a leading economic insights platform maintained by Verité Research, highlighted this data sourced from the Ministry of Finance's "Tax Expenditure Statement" released on March 31, 2024. The statement aims to enhance financial transparency in Sri Lanka, aligning with international standards. Additionally, as part of its commitments in the IMF program, the government pledged to periodically publish a list detailing companies benefiting from tax exemptions via the Board of Investment and the Strategic Development Projects Act, alongside an estimation of the value of these exemptions.

Tax concessions lead to Rs 978 bn foregone revenue in FY 2022/23 | Daily Mirror