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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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IMF calls on government to increase social spending
The IMF urged Sri Lanka to enhance social spending and ensure inclusive economic growth while maintaining fiscal discipline and meeting reform targets under its Extended Fund Facility. ...
2024-11-25
Daily News
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FX Global Code to be rolled out by end 2024
The Central Bank plans to implement the FX Global Code in the domestic forex market by the end of this year. The aim is...
2024-05-15
Daily Mirror
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Central Bank advises businesses to grasp current exchange rate mechanism
The Central Bank aims to smoothen exchange rate volatilities rather than fix the rate. Businesses are used to fixed exchange rates, leading to misaligned expectations and potential financi...
2024-05-14
Daily Mirror
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Verité Research forms Governance and Anti-Corruption research division
Verité Research has established a Governance and Anti-Corruption (GAC) research division under the leadership of Sankhitha Gunaratne. This strategic move comes against the backdrop of widespread, systemic corruption in Sri Lanka and t...
2024-05-14
Daily Mirror
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Sri Lanka cigarette taxes down amid legal sales fall in 2024 March quarter
Sri Lanka’s Ceylon Tobacco Company said its March quarter cigarette sales were down from a year earlier, leading to an absolute revenue fall as well amid tax hikes and an economic slowdown.
2024-05-14
Economy Next
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