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WHT and PAYE had the largest growth in Q3 2023
The Fiscal Management Report 2024, recently released by the Ministry of Finance, offers a comprehensive analysis of the government's revenue streams. A notable highlight from the report is the remarkable growth in revenue from two key components: Withholding Tax (WHT) and Pay As You Earn (PAYE). The first nine months of 2023 saw these segments register an increase of 498% and 673% respectively, compared to the same period in the previous year. This substantial growth can be attributed to the reinstatement of WHT (set at a rate of 5% for interest income) and PAYE in 2023. Both taxes were previously discontinued in 2019 but reintroduced as part of a broader fiscal strategy.
Featured Insight
WHT and PAYE had the largest growth in Q3 2023
The Fiscal Management Report 2024, recently released by the Ministry of Finance, offers a comprehensive analysis of the government's revenue streams. A notable highlight from the report is the remarkable growth in revenue from two key components: Withholding Tax (WHT) and Pay As You Earn (PAYE). The first nine months of 2023 saw these segments register an increase of 498% and 673% respectively, compared to the same period in the previous year. This substantial growth can be attributed to the reinstatement of WHT (set at a rate of 5% for interest income) and PAYE in 2023. Both taxes were previously discontinued in 2019 but reintroduced as part of a broader fiscal strategy.
Featured Insight
WHT and PAYE had the largest growth in Q3 2023
The Fiscal Management Report 2024, recently released by the Ministry of Finance, offers a comprehensive analysis of the government's revenue streams. A notable highlight from the report is the remarkable growth in revenue from two key components: Withholding Tax (WHT) and Pay As You Earn (PAYE). The first nine months of 2023 saw these segments register an increase of 498% and 673% respectively, compared to the same period in the previous year. This substantial growth can be attributed to the reinstatement of WHT (set at a rate of 5% for interest income) and PAYE in 2023. Both taxes were previously discontinued in 2019 but reintroduced as part of a broader fiscal strategy.
Featured Insight
WHT and PAYE had the largest growth in Q3 2023
The Fiscal Management Report 2024, recently released by the Ministry of Finance, offers a comprehensive analysis of the government's revenue streams. A notable highlight from the report is the remarkable growth in revenue from two key components: Withholding Tax (WHT) and Pay As You Earn (PAYE). The first nine months of 2023 saw these segments register an increase of 498% and 673% respectively, compared to the same period in the previous year. This substantial growth can be attributed to the reinstatement of WHT (set at a rate of 5% for interest income) and PAYE in 2023. Both taxes were previously discontinued in 2019 but reintroduced as part of a broader fiscal strategy.
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Third review approved by IMF, SL to get next US$ 333 million tranche
IMF and Sri Lanka agreed on the third review of the Extended Fund Facility (EFF), unlocking US$333 million, subject to conditions.
2024-11-23
Daily Mirror
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சமூக பாதுகாப்பு மற்றும் நலன்புரி
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Rs.76 b spent so far on COVID vaccine imports
The Government has spent Rs. 76 billion this year alone to import COVID-19 vaccines, says State Pharmaceuticals Corporation Chairman Dr. Prasanna Gunasena.
2021-06-12
Daily News
மேலும் வாசிக்க
$400M allocated for local fertiliser production
The Government decided to use the sum of USD 400 million allocated to import chemical fertilisers to produce organic fertilisers locally. Accordingly, funds will be allotted to build equipment needed for manufacturing fertiliser and tasked t...
2021-06-06
Ceylon Today
மேலும் வாசிக்க
Express way to be listed on CSE via state-owned biz. entity
The government is planning to list the country’s expressways and related assets via a State-owned business entity in the Colombo Stock Exchange (CSE) similar to Selendiva Investments Limited, which was established to hold key State-own...
2021-06-04
Daily Mirror
மேலும் வாசிக்க
Govt. to infuse US$ 500mn to SriLankan Airlines as equity
The government will infuse as much as US$ 500 million to SriLankan Airlines during the next five years adding much required capital to the national carrier, which is undergoing restructuring since last year, while retaining control under the...
2021-06-04
Daily Mirror
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