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Friday, October 24, 2014

Sri Lanka Budget 2015

Sri Lanka Budget 2015
Sri Lanka Budget 2015

President delivers budget proposals for 2015

Sri Lankan President Mahinda Rajapaksa in his capacity as Finance Minister presented the National Budget 2015 to parliament today.

2015 Budget highlights:
  • President Mahinda Rajapaksa today announced a special tax which will be introduced for vehicle imports.
  • He also said that a US$ 100 casino entrance tax will be introduced.
  • Value-added tax (VAT) to be reduced to 11 per cent from the current 12 per cent.
  • Bank of Ceylon to be recapitalized by Rs 10 billion next year.
  • US$ 150 million to be reinvested on Sri Lanka’s national carriers SriLankan Airlines and Mihin Lanka in 2015.
  • Pay As You Earn Tax (PAYE) to be reduced to 12%.
  • Guaranteed price of paddy to be increased from Rs 34 to Rs 40 per kilogram  while seed paddy to be given free of charge to farmers.
  • Government to introduce pension scheme for apparel sector employees.
  • Fertilizer subsidy of Rs 350 to farmers will continue, President Rajapaksa said.
  • A monthly allowance of Rs 3,000 for kidney patients.
  • Funds to be allocated for mobile medical clinics in order to provide free medical checkups for every citizen.
  • Pre-school teachers to be provided with a monthly allowance of Rs 2,500.
  • The guaranteed price for local fresh milk to be increased to Rs 60 per litre while the price of locally manufactured milk powder is to be reduced by Rs 100 per kilogram.
  • Locally-made yoghurt to be reduced by Rs 3.
  • The number of Grade 5 Scholarship students to be increased from 15,000 to 25,000 while their monthly allowance will be increased from Rs 500 to Rs 1,500.
  • Samurdhi benefits to be increased to Rs 3,000 for 4-memeber families and Rs 2,000 for 3-member families.
  • Government to introduce pensions scheme for Sri Lankan nationals employed abroad.
  • Infant formula to be sold through Sathosa outlets at a subsidized price while the President requested other supermarket outlets to also provide subsidies for infant formula.
  • President Mahinda Rajapaksa at the Budget reading said that dual citizenship will be granted for foreign employees.
  • Government to introduce pension scheme and insurance for three-wheeler drivers.
  • All disable persons to receive Rs 3,000 monthly grant while the monthly allowance provided to Senior Citizens is to be increased up to Rs 2,000 per month. July Strikers’ allowance increased by Rs 1,000. 
  • The monthly allowance of Rs 750 provided to the parents of tri-forces personnel increased to Rs 1,000 and also extended to the parents of police officers. 
  • 50,000 students who don’t gain enough marks to enter universities will be given jobs in government sector after a special training.
  • Cost of living allowance for government sector employees to be increased by Rs. 2,500.
  • Motorcycles will be given for police Constables.
  • Pension and life insurance to be introduced for trishaw drivers
  • Rs. 1,500 will be provided as a scholarship for students who pass grade-5 scholarship exam.
  • Mahapola schoarship stipend to be increased upto Rs. 4000 by 2015 
  • Aerospace Engineering Unit will be established at the Moratuwa University
  • EPF payment from the employer to be increased to 14%.
  • 700 million rupees allocated for development of Maharagama Cancer hospital. Special programs to develop cancer units in Anuradhapura and Ratnapura hospitals.
  •  Special medical clinics will be held at religious places in Grama Sevaka Divisions island-wide. Sum Rs. 500 million allocated.
  • Bank loans will be provided for law interest rate of 6 per cent to be settled in 5 years.
  • 2000 million rupees allocated to develop irrigation projects in dry zone.
  • New 500 buses will be imported for public transportation purposes.
  • Electricity tariffs for small and medium-sized enterprises (SMEs) that use below 300 units to get a 25% tariff reduction while other sectors and industrial sector to get 15% reduction.

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