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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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Govt.’s tax revenue effort gathers momentum in 1H
In the first half of 2024, the overall budget deficit significantly decreased to Rs. 598.7 billion, down from Rs. 1.24 trillion in the same period of 2023, reflecting improved fiscal management. ...
2024-08-26
Daily FT
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Apparel sector revenue totals US$ 1.17 bn in 1Q24
Sri Lanka’s apparel industry saw its revenue cross the US$ 1 billion mark in the first quarter (1Q24) with exports expanding by 7.7 percent in March. Sri Lanka’s apparel s...
2024-04-29
Daily Mirror
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CBSL forecasts economy to grow by 3% in 2024
The Central Bank expects the economy to grow by 3% this year as the benefits of the eased monetary policy stance and low inflation environment continue to be gradually channelled into the economy.
2024-04-29
Daily FT
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Sri Lanka’s EPF net contributions turn negative in 2023
Net contributions to Sri Lanka's Employees Provident Fund (EPF) turned negative in 2023, with refunds exceeding contributions for the first time. Demographic shifts, increased governme...
2024-04-29
Economy Next
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Mega projects in crisis: More than 300 contracts suspended
Over 300 contracts related to 35 mega projects were suspended last year. 37 projects showed no physical progress in the last quarter of 2023.
2024-04-28
The Sunday Times
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