Some of the key highlights of the revised budget for 2006: Some of the key highlights of the revised budget for 2006: • The budget deficit for 2006 was estimated at Rs. 197 billion, up from Rs. 168 billion this year.
• The deficit was equivalent to 7.1 percent of GDP (minus tsunami related costs) both this year and in the next.
• Value Added Tax (VAT) on financial services to be raised from 15-20%
• A 50% increase in liquor licencese netting an extra Rs. 400 million.
• Higher excise duties on cigarettes and alcohol to bring in an additional Rs. 4.3 billion
• Casinos, have been asked to quit Colombo in three-years, and shift into the 40 percent tax bracket
• Concessionary tax on quoted companies restricted to five-years after listing
• Sales tax of 15 percent on motorcycles removed
• Fertiliser prices will keep to the proposed Rs. 350 price tag for a 50 kg bag.