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Thursday, November 8, 2012

Sri Lankan Budget 2016 Proposals


Updated: 

2016 Budget Live Blog - Here Click








2016 Budget Live Blog - Here Click


Sri Lankan President Mahinda Rajapaksa as minister of Finance has presented the Budget 2013.

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Sri Lanka 2013 Budget Proposals Summery

Rs. 1500 to be added as an allowance for state sector employees.

A National Wage Policy is to be formed by a new wage commission.

All persons above 65 years of age and have no permanent livelihood will receive a grant of Rs. 5000. Rs 300 million is to be allocated for this
Tax on foreing liquor to be increased by 25%

Revenue license fees charged for motor vehicles to be increased by 10-20%.


President proposes to impose the nation building tax to supermarkets and high end businesses that have a revenue exceeding Rs 500 million per quarter.


Government is planning to reduce the number of house maids and increase the number of skilled workers sent for foreign employment.


Foreign employees who intend to build houses will receive a loan of Rs. 250,000 at an interest rate of 10 %.


Rs 200 million is to be allocated for the well being of journalists and artistes.


Rs 300 million is to be allocated for the ICT sector and the number of Nena Sala centers are to be increased.


Allocations for the education sector has been increased by 15% and University lecturers' professional integrity will be improved and preserved, says President.


Rs 306 billion is to be allocated to the education sector which will amount to 4.1% of the Gross Domestic Prodcution ( GDP).


Differently abled people should gain equal access to public buildings and facilites should be given for them to operate tellar machines, says President.


Rs.125 billion is to be allocated to improve health services in the country.



Allocations to improve urban housing is to be increased by Rs 750 million.


Direct contribution from the local contruction companies to foreign investments should be encouraged, says President.


Selling lands to foreigners for tourism purposes is to be banned.


Taxes are to be reduced for vehicles that are used for racing.


Rs. 60 million is to be allocated for the 2013 Deyata Kirula exhibition which will be held in the Polonnaruwa, Ampara and Trincomalee districts.


$ 5000 million is expected from the apparel sector as revenue.


President says that subsidies given for plantation companies will only be granted for those companies which have improved the living standards of estate workers and for those who maintain the quality of their products.


Subsidies given to small tea holders for one hectare is to be increased from Rs 300,000 to Rs. 350,000

Rs. 2000 million is to be allocated to develop fishing harbours.


 One litre of fresh milk is to be purchased at Rs 50 and higher taxes are to be maintained for imported milk powder.


Permits are to be given to tap coconut trees to prodcue jaggery and other prodcuts.


Rs 500 million to be allocated to Lak Sathosa stores and to increase the number of branches up to 1000.


President says that he intends to make Sri Lanka 50% self sufficient with big onions, dried chillies and potatoes.


One Kg of rice is to be purchased at a rate between Rs 32-35 and Rs 40 for those farmers who use organic fertilizer.


President propsoes to invest Rs.126 billion to provide clean drinking water.


President proposes to allocate Rs.102 billion to develop the irrigation system.


A 50 Kg fertilizer bag is proposed to be given at a rate of Rs 400.


President proposes to allocate Rs 1000 million for drought affected farmers.


President proposes to terminate the interest and to delay the recovering of loans given to farmers until the Maha harvesting season arrives.


$ 2.5 billion is expected from tourism sector.


President proposes decreased taxes for all private investments.


President proposes a pair of shoes and a nuitritious meal for the children in rural areas.


President proposes increased allocations to improve living standards and nuitrition of children of  lower income groups.


The trade deficit will drop to 4.5% in 2015, says President.


Prices of essential goods are stable, says President.


Import expenses have dropped from Rs 20 billion to Rs 18 billion.


President says that he intends to increase Sri Lanka's per capita income upto 4000 US $

President proposes relief to be given to the families of war heroes.


President proposes that Rs 1000 million should be allocated for the Ranaviru Seva Authority

 
 Budget Proposals about Education & Higher Education


Sri Lankan government spending on the free education sector will not be undermined in any manner, the President Mahinda Rajapaksa assured in his Budget 2013 speech while proposing that government education expenditure for 2013 be increased by 15% in comparison to 2012.


The government spent Rs.150 billion on the free education system in 2012 which amounted to around 9% of government expenditure.

The President proposed that Rs.306 billion be allocated for the Education sector which amounts to around 4.1% of the GDP.

President proposed that a sum of Rs.900 million be allocated for teacher training to improve the primary education in the country.

An additional allocation of Rs.4000 million was proposed in order to enroll 5000 students to universities as per the Supreme Court order.



Old News
The Sri Lankan Budget for the year 2013 is scheduled to be submitted to the Parliament today(November 8) at 1 pm by Sri Lankan President Mahinda Rajapaksa as minister of Finance.
The Cabinet of Ministers had approved the US$ 19.5 billion Appropriation Bill 2013 at the Cabinet meeting held on Wednesday September 26.

“The government is to present development-oriented, and small and medium-enterprise friendly proposals through budget 2013 while protecting democracy,” Health Minister Maithripala Sirisena said.
“the budget proposals were prepared by President Rajapaksa with the assistance of economic experts”.
“All measures are to be taken by the government under the leadership of President Mahinda Rajapaksa to face 2013 positively and turn Sri Lanka to a knowledge hub," he further said. 

Budget 2013 is expected to contain fiscal proposals that will accelerate the post - war development drive and consolidate the firm economic foundation laid by the seven previous budgets presented by the President, Finance Ministry sources said.
The country achieved several long term economic benefits as a result of the prudent fiscal policies laid down in the previous budgets presented by President Rajapaksa.
The first reading of the Appropriation Bill was presented on October 09 by the leader of the House

The budget allocations to the Education Ministry have been increased by Rs 3.43 billion from last year to Rs 37.9 billion, while the Higher Education Ministry has been allocated Rs 27.9 billion, which is an increase of Rs 4.1 billion from 2012.