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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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Financing
Insights and analysis on the financing of the budget deficit.
Sri Lanka Has The Highest Inflation Amongst South Asia Peers
Sri Lanka, amidst facing one of its worst economic crisis, is currently experiencing rapidly rising inflation. The inflation increased to 15.1% year-on-year in February 2022, a 13-year high. When compared against other...
From The PF Wire
Source:
Daily Mirror
Sri Lankan rupee has become one of fastest growing...
Finance State Minister Dr. Ranjith Siyambalapitiya announced that the Sri Lankan rupee is among the world's fastest-growing currencies. In the first four months of the year, the rupee...
Read More
Source:
Sunday Times
Lanka to restructure bilateral loans amounting to...
Sri Lanka is confident of gaining assurances from bilateral creditors for their debt restructuring to obtain International Monetary Fund (IMF) board approval towards unlocking the US$ 2.9 billion bailout package ahead of the IMF/World Bank spring meetings in Washington in mid-April, Finance Minis...
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Source:
economynext
World Bank funds Sri Lanka Coronavirus vaccines, I...
World Bank credits and grants are funding Coronavirus vaccines, intensive care units, test kits, as well as 5,000 rupee cash grants for people in lockdown, a program review shows.
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Insight on Financing
Provincial Council Receipts and Expendit...
The finance commission makes an annual re...
How Much Do Casinos Owe the Inland Reven...
In 2015, the government im...
Tariffs on Powdered Milk
Majority of Import taxes pertaining to milk powder were removed with e...
Ceylon Petroleum Corporation: What drive...
Ceylon Petroleum Corporation (CPC) is the...
Why Did the Budget Deficit Increase in 2...
Sri Lanka’s budget deficit has...
Sri Lankan Airlines: Annual and Accumula...
The total liabilities of Sri Lankan Airli...
What percentage of shareholding does the...
What percentage of shareholding does the...
Effectiveness of Tax Amnesty in Sri Lank...
On 9 July 2021, the government gazetted a...
Sri Lanka Received USD 987 Million in Fo...
Sri Lanka has received USD 987 Million as...
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Featured
Highlights from the Appropriation Bill for 2024
The Appropriation Bill for 2024 was presented to Parliament on the 5th of October, ahead of the budget speech in November.The Appropriation Bill shows that there is a 12%...
Read More
Electricity Bills in Sri Lanka: Highest in South A...
Sri Lankans pay 2.5 to 3 times more for electricity than South Asian neighbours In 2023, Sri Lanka revised its electricity charges three times in Febru...
Read More
IMF Programme: Performance Evaluation (February 20...
Sri Lanka verifiably failed to meet 33% of the commitments due by end-February 2024 in its International Monetary Fund (IMF) programme, according to the February update of Verité Research’s ‘IMF Tracker’....
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