38.5 billion lost due to tax-slashed permits given to state functionaries

Sunday, 28 April 2013 - 9:22


Sri Lanka has lost 38.5 billion rupees in potential revenues from imported vehicles due to tax-slashed permits given to state functionaries.


The Central Bank annual report said the finance ministry estimated that another 8.5 billion rupees in revenues was lost in 2011.


The 2012 amount was exactly 0.5 percent of gross domestic product.


In 2012 Sri Lanka's tax revenues fell to 13.2 percent of GDP from 14.5 percent a year earlier, though the finance ministry also said expenses were cut helping maintain the budget gap.