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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
  • 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.
  • 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
  • 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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