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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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What Caused the Rise in Tax Revenue from 2021 to 2022?
In the Central Bank's Annual Report for 2022, the government's revenues witnessed a notable surge of 38%, soaring from Rs 1,484 billion to Rs 2,013 billion. A c...
பி.எஃப். வயரில் இணைப்பிலிருந்து
Source:
Island
Sugar tax scam takes shocking turn: Parliament dir...
The controversy surrounding the Sri Lankan Finance Ministry and the Inland Revenue Department's (IRD) failure to recover taxes from a significant sugar tax scam in 2020 has escalated. The Department of Trade and Investment Policy, under the Finance Ministry, claimed there was no loss of reven...
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Source:
Economy Next
Sri Lanka’s tax hike will help curb inflation, cut...
Sri Lanka’s tight fiscal policy with new tax hikes from December 1 will help the central bank to reduce inflation and interest rates faster than it has expected, the central bank governor Nandalal Weerasinghe said.
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Source:
economynext
Sri Lanka cuts tea export tax, abolishes regulatio...
Sri Lanka has cut an export tax on tea to 3 rupees a kilogram and abolished a regulation issued in 2010 dealing with the collection and use of the money for promotions, according a government notice.
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நுண்ணறிவு வருமானம்
Tobacco Policy: Mitigating the Influence...
Sri Lanka ratified the World Health Organ...
The Hidden Side of Cigarette Pricing
The media in Sri Lanka has often misrepre...
Who is responsible for Alternative facts...
The term ‘Alternative Facts’...
Fixing Sri Lanka's Revenue Problem is a...
Taxes are the key source of government revenue. Normally, the tax shar...
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விவரணம்
இலங்கையின் 2023ஆம் ஆண்டிற்கான நிதியாண்டு இலக்குகள்
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மேலும் வாசிக்க
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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இலங்கையின் சர்வதேச நாணய நிதிய (IMF) வேலைத்திட்டம்...
ஜன் 12ம் திகதி சர்வதேச நாணய நிதியம் (IMF) நடைமுறைத் திட்டத்தின் மூன்றாவது பணக்கொடுப்பனவிற்கான ஒப்பந்தத்தில் கைச்சாத்திடவுள்ளது. ஆனால் இலங்கை தனது தனது பொருளாதார மீட்புக்கான அடிப்படை நல்லாட்சியினை முன்னேற்றுவதற்கு தவறிவிட்டது.
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