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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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Revenue
Insights and analysis of government revenue.
VAT to drive revenue growth in 2024
Sri Lankan budgets have consistently overestimated the capacity to raise revenue. Therefore, it is prudent to examine from where the 45% increase in revenue is expected. The chart above shows that more than half the increase (56%) is expecte...
From The PF Wire
Source:
Daily Ft
Govt. hikes VAT to 18% to meet revenue targets set...
The government has announced a VAT rate increase from 15% to 18% effective from January 1, 2024, to meet revenue targets set by the International Monetary Fund (IMF). Despite a significant 51% increase in tax receipts during the first nine m...
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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:
Daily Mirror
1Q tax income narrowly misses target amid spurt in...
Sri Lanka’s tax income during the first fiscal quarter has only narrowly missed the target set for the period, in a clear sign of robust economic recovery staged in the first three months of the year, which came with the return of normalcy. At the Public Finance W...
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Insight on Revenue
Government Revenue and Grants Over The P...
Revenue and Grants declined by LKR 91 BN from 2020 to 2021.
Sri Lanka’s Revenue to GDP Ratio Reaches...
Data on Sri Lanka’s revenue to GDP ratio is available from 195...
Shrinking Tax Base Increases Tax Burden...
The income tax per person is calculated as the total government reve...
Earnings from Tourism: Are we getting it...
Sri Lanka is expecting the earnings from tourism to play a significa...
Workers’ Remittances in 2021 Falls to 10...
Remittances reached a 10-year low in 202...
Budget Obfuscates Benefit From Cigarette...
Tax on Cigarett...
Erosion of the Tax Base: A 33.5% decline...
There has been a decline in Sri Lanka'...
Income Tax Threshold Changes
Sri Lanka’s perso...
Taxing the Digital Economy
The Minister of Trade, Mr. Bandula G...
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Featured
Uncovering Sri Lanka's Debt Trail: Who owns Sri La...
The chart below depicts the ownership of Sri Lanka's external debt as at end of Sept 2022.
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Where's the promised land?
Land access has been identified as a crucial barrier which inhibits foreign direct investment (FDI) in Sri Lanka. Investment zones, primarily Export Processing Zones (EPZs), are significantly influential in attracting FDI however, Sri Lanka&...
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Why Tracking the IMF Programme Implementation is o...
This article was compiled by Dr. Nishan de Mel and Raj Prabu Rajakulendran. Dr. Nishan de Mel is the Executive Director of Verité Research and an ec...
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