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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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Ministry of Finance Budget Speech 2022
A full copy of the speech made to Parliament by the Finance Minister outlining the Budget policies to be pursued. The Budget Speech provides an outline of all proposals and their respective allocations, the expected revenue collection and debt to be raised, and any planned tax amendments for the upcoming year.
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Ministry of Finance Budget Speech 2021
A full copy of the speech made to Parliament by the Finance Minister outlining the Budget policies to be pursued. The Budget Speech provides an outline of all proposals and their respective allocations, the expected revenue collection and debt to be raised, and any planned tax amendments for the upcoming year.
View Report
Ministry of Finance Budget Speech 2020
A full copy of the speech made to Parliament by the Finance Minister outlining the Budget policies to be pursued. The Budget Speech provides an outline of all proposals and their respective allocations, the expected revenue collection and debt to be raised, and any planned tax amendments for the upcoming year.
View Report
Ministry of Finance Budget Speech 2019
A full copy of the speech made to Parliament by the Finance Minister outlining the Budget policies to be pursued. The Budget Speech provides an outline of all proposals and their respective allocations, the expected revenue collection and debt to be raised, and any planned tax amendments for the upcoming year.
View Report
Ministry of Finance Budget Speech 2018
A full copy of the speech made to Parliament by the Finance Minister outlining the Budget policies to be pursued. The Budget Speech provides an outline of all proposals and their respective allocations, the expected revenue collection and debt to be raised, and any planned tax amendments for the upcoming year.
View Report
Ministry of Finance Budget Speech 2017
A full copy of the speech made to Parliament by the Finance Minister outlining the Budget policies to be pursued. The Budget Speech provides an outline of all proposals and their respective allocations, the expected revenue collection and debt to be raised, and any planned tax amendments for the upcoming year.
View Report