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Sri Lanka Budget 2016

Sri Lanka Budget 2016
Sri Lanka Budget 2016

Minister of Finance Ravi Karunanayake delivers budget proposals for 2016

Minister of Finance Ravi Karunanayake presented the National Budget 2016 to parliament today.

  • Tax system will be simplified to increase tax revenue to 18% of GDP by 2018.
  • Several taxes including shares transaction tax, tourism tax and luxury and semi luxury vehicle tax to be removed.
  • Sri Lanka would be made asbestos free by 2018. Roofing tile companies to be granted a 50% tax incentive for three years to encourage production of environmentally friendly material.
  • Tobacco companies and casinos revenue taxes to be increased by 25%.
  • English and Tamil tele-dramas, movies and advertisements to be exempted from taxation.
  • New pension scheme to be introduced for state sector pensioners with effect from 2016.
  • Special Commodity Levy on potatoes and big onions will be reduced by Rs 25.
  • Domestic cylinder of LP gas (12.5kg) to be reduced by Rs 150 and kerosene to be reduced by Rs 10 per liter.
  • Prices of 11 essential commodities will be reduced, Rs. 3 billion will be allocated for concessions.
  • Potato 1 kg Rs. 75 – 85
  • Big Onions 1 kg – Rs. 85 – 95
  • Locally Produced Milk 400g – Rs. 295
  • Infant Milk 1 kg – reduced by Rs. 100
  • 425 g Canned Fish -reduced by Rs. 125
  • Sprats 1 kg – Rs. 410 (MRP)
  • Dhal 1 kg – Rs. 169 (MRP)
  • Dry Fish 1 kg – Rs. 1100 (MRP)
  • Chickpeas 1 kg- Rs. 169 (MRP)
  • Sri Lankan Airlines operations will be streamlined to enhance efficiency.
  • Three new domestic airports will be established at Digana, Badulla and Puttlam through a PPP arrangement.
  • Exempt airlines using domestic airports from ground handling charges.
  • Special Committees to be set up to manage Katunayake and Southern expressways – private sector encouraged to join.
  • Mattala Airport to be converted into a transfer terminal for Air cargo.
  • Rs. 1.5 billion allocated to develop Kelan Valley railway line.
  • Sri Lankan harbors to reach the top 20 hours in the world by 2025
  • Rs. 3 billion for Anuradhapura, Jaffna and Kurunegala hospital development and Rs. 2 billion to construct a special hospital for kidney diseases in Minneriya.
  • Rs. 6.5 billion to be allocated to establish a kidney dialysis center
  • Rs. 3 billion allocated to established Malabe Mahapola University to be established – courses offered include Business Administration, English and Management
  • Interest free loans to be offered to university students to purchase laptops – Rs. 300 million to be allocated.

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