That amount is two per cent of the GDP.
Granting tax concessions for various investments and new ventures are carried out in a haphazard manner.
A top treasury official said the new inland revenue act would resolve this problem, adding that it would focus on direct tax revenue, rather than on indirect taxes.
The new act will help raise direct tax income, while granting concessions to attract investments that generate new jobs and expand industrialization throughout the country, he noted.
New investors in the north and the east will be exempted from income tax on account their capital investments on machinery and equipment, the official added.