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Mar 05, 2019

Mangala presents Budget 2019 Featured

Minister of Finance - Mangala Samaraweera has presented his Budget speech for the fiscal year 2019.

The Finance minister's Budget 2019 speech in full :

 

Updates are as follows :

Revenue :

  • NBT to be imposed on Cigarettes. Price expected to increase by Rs 5 with effect from June 01. 
  • Cess imposed on importation of Beedi leaves to be increased to Rs 3,500.
  • Prices for issuing of passports to be increased :  One day service to increase by Rs 5,000 while regular service increased by Rs 3,500. 
  • Casino licences increased to Rs 400m.  Casino entrance cost increased to $50.
  • Revision of economic service charge (ESC) on selected imported goods.
  • Revision of unit rate based custom import duty on selected goods including fruit drink, liqour and tobacco effective from 6th of March.

 

16.02 - Palmyrah fund of Rs 5b has been administered by the Treasury. To be used for development activities in war affected areas. 

16.01 - Rs 1m allocated for development of religious places of worship under Gamperialiya (for each location). Additional Rs 300,000 for solar-panels. Rs 200mn to develop the Madu Church

16.00 - A Royalty payment system to be developed for artists and actors.

15.57 - Rs. 20,000 m allocated for disaster management. The Natural Disaster Insurance will be strengthened and the instalment will be increased to 1,500 m. Appropriate replacements will be introduced before September 1, with the aim of discouraging single-use plastic products. 

15.56 - Rs 50m allocated for replantating mangroves in the coastal areas.

15.55 - Rs 1,000m allocated for the CMC's Colombo beautification project.

15.54 - The "Samurdhi" concession had fallen short of of it's task of empowering the public and become politicized instead. Reforms proposed. Rs 10,000m allocated.

15.49 - Rs. 100 m allocated to strengthen the Bribery Commission.

15.48 - Allowances extended to armed forces are to be increased with Commando allowance to be increased to Rs 5,000. Rent allowance to be increased by 100% while Uniform allowance is to be increased.

15.44 -  Rs 12bn allocated to rectify pension anomalies.

15.42 - Government Salaries to increase by Rs 2,500 (From June 1st) Rs 40bn allocated for this.

15.39 - Public transport : Public transport system to be developed and bus service to be developed over the next 05 years. Pre paid cards and GPS location tracking (mobile apps) for bus services in the Western and Central Provinces. Rs 1.5b allocated for the SLTB fleet to receive 250 new buses. Assistance to convert to electric three wheelers and small cars. Rs 5,000m allocated for the light rail project which will kick off this year.

15.34 - Allocated Rs. 8,000 million for the urban rejuvenation programme. Rs. 3,000 million has been allocated for the Sukitha Purawera programme. Rs. 10,900 million has been allocated for the creation and maintenance of urban wetland projects.

15.32 - Rs 750m allocated to develop Bogambara prison into a public space.

15.30 - Beira Lake cleanup project to be completed. 

15.29 - Rs. 3800 m allocated for sports. Bernard Aluvihare stadium in Matale and Mallamarachi ground in Kolonnawa to be developed.

15.27 - Rs.100 m allocated for sterilisation programme of stray animals.

15.22 - Rs 600m allocated for the development of the Suwaseriya program.

15.21 - Sri Lanka Army to conduct vocational training programs which will be NVQ qualified.

15.20 - Although there are 300,000 A/L students, only 30,000 enter local universities. Many students don’t have sufficient funds for higher education. Therefore introducing the My Future loan scheme. Rs 1.1m (interest free), Grace period of 2 years and repayment plan in 12 years.

15.17 - Rs 25,000mn allocated for development of University infrastructure. Rs 400mn allocated for training Tamil language teachers.

15.11 - C Fund : Scholarships for Educational excellence. Top ranked GCE A/L students to recieve funds for overseas study. Program to start with 14 students in August.Currently in discussion with universities such as Harvard, Oxford and MIT. In return, scholarship holders have to serve in the country for 10 years after concluding their studies.

15.09 - No foreign construction company can bid for a local construction contract without forming a joint venture with a local construction company. Residential Visa (3 years) for individuals who invested over USD 400,000 in condominums. 

15.05 - Remove customs duty on go-carts, tires for go-carts, cess removed 0.25% from 0.5%  to promote Sri Lanka as a sports destination.

15.04 - Tourism : NBT removed on Foreign Currency receipts from registered hotels.  April 1, 2020, can register hotels and establishment if they have 5 rooms only. The registration process will be simplified in keeping with this.  Hotels can only sign up for online bookings from 1st April 2020 ONLY if they are registered with the SLTDA . Central cultural fund sites will ensure that tickets for foreign students will be reduced by 50%.

15.04 - 1,000 art graduates will be trained through internships and Rs. 25,000 will be paid by the government, Rs. 300 m has been allocated for this. 

15.03 - Revenue Intelligence Unit to be set up at the Ministry of Finance.

15.02 - Rs 500m allocated for the Bingiriya Development Zone.

15.02 -  Changes proposed to Inland Revenue Act.

15.01 - Import cess will be subject to phasing out para tariff phase out over five years. 

15.01 - Trade and Productivity Commission to be set up under the MoDSIT.

15.00 - Rs 500m over 2 years for a Trade Adjustment Program.

14.59 - Ports and airports development levy (for machinery) to be reduced to a maximum of 2.5.%

14.59 - Rs 250m allocated for National Export strategy

14.58 - Sihina Maliga Loan program for expat workers. To commence from next month. Rs 10m loan, 2 year grace period, to be paid in 15 years.

14.58 - HOME SWEET HOME Loan program for newlyweds. Rs 10mn concessionary loans for middle income earners who buy their first house. 6% interest rate, to be paid in 25 years.

14.57 - Deployed resources to resettle Muslim refugees in the North.

14.57 - A pilot project to setup special farms in Ambepussa and Weeravila for people convicted of drug related offences, under the prisons department. Rs 50m allocated to create an arts and crafts village for female convicts.

14.55 - Rs 1,480m allocated to provide Rs 5,000 allowance for kidney patients.

14.52 - Differently-abled persons to receive a monthly allowance of Rs 3,000 and will be increased to Rs 5,000. Rs 4,320m have been allocated.

14.50 - Only 30% of females are currently part of the working population. The security and regulations commission will be encouraged to bring in more women. Labour laws will be to ensure women are able to work from home and day care centers will be developed across the island. 

14.40 - Every house will have a toilet. Rs 4b has been allocated from the budget for sanitary facilities. People who use public transport are unable to use public restrooms. Each main bus stand and railway station will get new toilets, which will be operated by private sector.

14.38 - In order to uplift the nutrition of children the government will provide a glass of milk for every primary schoolchild.

14.35 - Rs 1300m allocated to build two fishing ports at Pesalai and Mandaitivu and have allocated Rs. 113,000 m.

14.32 - Estate sector workers salaries issue to be resolved as soon as possible.

14.30 - Ceylon Cinnamon exports, will be checked for quality before being exported. Rs 75m allocated for Cinnamon training center.

14.28 - Rs 800m allocated to boost the production of Tyre & rubber products.

14:26 -Taxes imposed on small trucks to be reduced.

14:24 - Enterprise Sri Lanka : Rs 500m allocated for the development of the Enterprise Sri Lanka program and it is to be extended o provide concessionary loans to young entrepreneurs. A hotline - 1925 has been established while the programe itself has been broadened.

 

 

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