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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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Budget 2023
Budget 2023
Detailed analysis of the 2023 Budget
Summary of the Budget 2023
Sri Lanka Budget 2023 anticipates higher revenue, expenditure and a 6.6% reduction in the budget deficit.
From The PF Wire
Source:
Daily FT
Verité Research says progress unknown of 2023 Budg...
Verité Research on Wednesday revealed that Budget 2023 proposals to the value of Rs. 43.8 billion or 89% of the funds allocated, the Government was not able to provide information on progress.
Read More
Source:
Daily News
Economy witnessed gradual revival in 2023 – CBSL
The Central Bank of Sri Lanka reported a gradual economic revival in 2023, following the country's most severe post-Independence downturn. Th...
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Source:
Sunday Times
Treasury orders ministries to further reduce budge...
The Finance Ministry has issued a fresh circular, directing ministries to further slash their budgets by six percent... https://www.sundaytimes.lk/230122/news/tre...
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Insight on Budget 2023
Where's the promised land?
Land access has been identified as a cruc...
Does Sri Lanka Need More Rules or Better...
The government of Sri Lanka proposed introducing a new law to establish stronger rules on public...
Expenditure Proposals from the 2023 Budg...
The following infographics present some of the key expenditure proposals presented in the 2023 Bu...
Sectoral Allocations for the 2023 Budget
Sectoral allocations from the 2023 Budget, ranging from defence to water and sanitation
Expected GDP Outcomes - Budget 2023
Sri Lanka Budget 2023 expects a 27% year over year increase in nominal GDP, with an increase of L...
Summary of the Budget 2023
Sri Lanka Budget 2023 anticipates higher revenue, expenditure and a 6.6% reduction in the budget...
Sri Lanka's Fiscal for Targets for 2023
Sri Lanka Budget 2023: Government revenue is expected to be 11.3% of GDP in 2023, according to pr...
Highlights from the Appropriation Bill f...
The Appropriation Bill for 2023 was presented to Parliament on the 1...
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Featured
Exceptionalism of Domestic Debt Restructuring in S...
Sri Lanka's approach to Domestic Debt Restructuring (DDR) stands out in its specificity and methodology. Notably, the strategy is centred on restructuring superannuation funds and Central Bank Holdings. According to an IMF staff report t...
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Violation of Fiscal Rules: Budget 2024
The proposed 2024 budget violates the deficit rule set in the Fiscal Management (Responsibility) Law of 5% of GDP.
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Debt Digest - March 2023
This article was compiled by Dr. Nishan de Mel and Professor Udara Peiris. Dr. Nishan de Mel is the Executive Director of Verité Research and an eco...
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