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Three wheelers to be sheltered from future fuel price increases and three-wheeler leasing to be exempt from VAT.Three wheelers to be sheltered from future fuel price increases and three-wheeler leasing to be exempt from VAT. “About 200,000 three-wheeler operators carry one million passengers daily, occupying the least amount of road space and using the lowest […]

Finance Minister Sarath Amunugama gave a lesson to the United National Party in political-speak, by explaining his failure to keep to budget targets and pushing the budget deficit to 8.5% of GDP. Finance Minister Sarath Amunugama gave a lesson to the United National Party in political-speak, by explaining his failure to keep to budget targets […]

The UPFA government’s maiden budget set aside Rs.26,561 mn to support production sector activities and SMEs.The UPFA government’s maiden budget set aside Rs. 26,561 mn to support production sector activities and SMEs. Production activities included the sectors of small and medium industries, agriculture, plantation, livestock, fisheries, enterprise development and tourism. However, the government hopes to […]

The government has approached the Revenue Authority of Thailand and the ADB to move the Inland Revenue Department to a new administration structure from next year. This will include investment into human resources, automation, professional tax audits from next year. A new tax code is to also be rolled out shortly, Finance Minister Sarath Amunugama […]

In a hopeful sign that responsible economic management may be returning to the country, Finance Minister Sarath Amunugama said, petrol and diesel would be market priced in the future. In a hopeful sign that responsible economic management may be returning to the country, Finance Minister Sarath Amunugama said, petrol and diesel would be market priced […]

Sri Lanka’s cash strapped government plans to fill up the coffers with higher taxes, but has scrapped plans for privatisation, according the budget estimates for 2005 released on Thursday Sri Lanka’s cash strapped government plans to fill up the coffers with higher taxes, but has scrapped plans for privatisation, according the budget estimates for 2005 […]

The railway will operate as a commercial enterprise within the department structure, says the Finance Minister.The railway will operate as a commercial enterprise within the department structure, says the Finance Minister. Delivering the budget plans for 2005 Minister of Fianance, Sarath Amunugama said the railway authority law would be repealed but that the railway will […]

Setting the background to the 2005 budget speech Finance Minister Sarath Amunugama says the budget was prepared entirely by local experts without a single foreign expert. Setting the background to the 2005 budget speech Finance Minister Sarath Amunugama says the budget was prepared entirely by local experts without a single foreign expert. He said the […]

Highlights of Sri Lanka’s 2005 national budget. The UPFA government’s budgetary strategy for the next three years. 1. Raise government revenue, within a medium term framework, to 19 percent of GDP and generate a revenue surplus in the budget equivalent to 3% of GDP. 2. Raise public investment to eight percent of GDP. 3. Reduce […]

Agriculture is to be exempt from income tax, with earnings from the cultivation and sale of non-processed plants, non-taxable for five years from April 1 next year. Agriculture is to be exempt from income tax, with earnings from the cultivation and sale of non-processed plants, non-taxable for five years from April 1 next year. “This […]