[Sri Lanka] Government and IMF agree to revise PAYE tax

In Sri Lanka, President Ranil Wickremesinghe announced that the government reached an agreement with the International Monetary Fund (IMF) to revise the country’s PAYE tax, Daily FT reports.

The matter had become a significant concern for the public.

Addressing a political rally in Eheliyagoda on August 28, the president stated that relief measures would be implemented immediately following its discussion with the IMF.

“Pay as You Earn (PAYE) has become a major problem today and needs to be revised,” President Wickremesinghe said. “We have already submitted a proposal and they (IMF) have also presented their suggestions. Once we discuss and reach a final agreement, we will provide relief to the people.”

The President said the government understood the struggles faced by the public and was committed to providing relief while ensuring economic stability.

The president reportedly emphasised the importance of maintaining a robust economic foundation to create a country where everyone can live comfortably and warned that economic collapse would leave nothing behind for the people.

Source: Daily FT

(Quote via original reporting)

In Sri Lanka, President Ranil Wickremesinghe announced that the government reached an agreement with the International Monetary Fund (IMF) to revise the country’s PAYE tax, Daily FT reports.

The matter had become a significant concern for the public.

Addressing a political rally in Eheliyagoda on August 28, the president stated that relief measures would be implemented immediately following its discussion with the IMF.

“Pay as You Earn (PAYE) has become a major problem today and needs to be revised,” President Wickremesinghe said. “We have already submitted a proposal and they (IMF) have also presented their suggestions. Once we discuss and reach a final agreement, we will provide relief to the people.”

The President said the government understood the struggles faced by the public and was committed to providing relief while ensuring economic stability.

The president reportedly emphasised the importance of maintaining a robust economic foundation to create a country where everyone can live comfortably and warned that economic collapse would leave nothing behind for the people.

Source: Daily FT

(Quote via original reporting)