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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.
Will the Increase in Cigarette Taxes Meet Budgeted Revenue?
On the 1st of Jan 2023, the government increased excises taxes on cigarettes by 20% as follows: Size Old Excise Tax per Cigarette New Excise Tax per Cigarette...
From The PF Wire
Source:
Economy Next
Sri Lanka’s April tourism revenue rise 52-pct
Sri Lanka's tourism revenue surged to $225.7 million in April 2024, a 52% increase from the previous year, reported by the central bank citing tourism authorities.
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Source:
The Morning
IRD defaulted taxes surpass Rs. 1 trillion
The Committee on Ways and Means disclosed that by the end of 2023, default taxes owed to the Sri Lankan Government had surpassed Rs. 1 trillion, with the Inland Revenue Department (IRD) accounting for a significant portion. Out of this, the...
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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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Insight on Revenue
The budget deficit has increased in 2019...
The recently released figures for 2019 show that government revenue ha...
Consistent revenue shortfalls lead to mo...
The deviation in government revenue from...
Changes in Special Commodity Levy (SCL)...
On 22 May 2020, Sri Lanka made changes to...
Cigarette Taxes: The cost of failure
The Government proposed a policy to syste...
Cigarette Taxation: 20 Billion Extra Rev...
The Government could raise an extra Rs. 2...
Sri Lanka’s Fiscal Outlook 2020
The International Monterey Fund estimates...
Tax Revenue Categories
How could COVID-19 affect government reve...
Overestimations in Revenue Expectations
Governments have consistently overestimated revenue and thes...
Cigarette Tax Indexation: Getting it Rig...
The indexation method introduced in 2019...
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Featured
Reallocation of Funds Can Help Finance an Election
The infographic depicts the cost of an election in comparison to selected spending decisions undertaken by the government in 2022. In 2022 the government allocated LKR...
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Sri Lanka met 25% of IMF commitments and failed 1...
Sri Lanka had met 25% of the trackable programme commitments of the International Monetary Fund (IMF) programme as at the end of March 2023 but had failed on one, according to 'The IMF Tracker', a new online tool launched by Verit&ea...
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Defence budget for uniforms and diets alone up by...
Based on the 2024 budget estimates, expenditure on uniforms and diets in the defence sector is projected to increase by a significant LKR 75 billion, a 258 percent rise compared to 2022.
Read More
