Category: Budget
Budget 2017 will rectify all anomalies: Finance Minister
Nov 09, 2016 (LBO) – Sri Lanka’s Minister of Finance said that the 2017 Budget will be a pro-growth budget which will focus on the deficiencies for the last several years. “Accordingly the budget would have proposals to rectify all the anomalies that are there to deal with export sector to create job,” Ravi Karunanayake, […]
Low tax regime & capital allowances from 2017 budget: Sri Lankan PM
Oct 27, 2016 (LBO) – Sri Lanka’s 2017 budget proposals will include proposals to introduce a low tax regime in the island coupled with a program of capital allowances, the premier said. Prime Minister Ranil Wickremesinghe making a special statement in Parliament today said these new proposals aimed at increasing investment and job creation. “Finance […]
Sri Lanka allocates Rs1.8tn for 2017 in Appropriation Bill
Oct 20, 2016 (LBO) – Sri Lanka’s government has allocated 1,819 billion rupees to meet the estimated expenditure requirements of next year through the appropriation bill presented to the Parliament today. Presenting the bill, Finance Minister Ravi Karunanayake said the cabinet approval has duly been granted for the bill. As per the released bill, the […]
Finance Minister obtains proposals for budget from Ceylon Chamber
Oct 18, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake recently met with the committee members of the Ceylon Chamber of Commerce to obtain their views on the upcoming Budget presentation. The discussion was chaired by Chairman of the Chamber Samantha Ranatunga and each committee member was given an opportunity to express their views […]
Gammanpila’s secret may delay Sri Lanka’s VAT hike again
Oct 12, 2016 (LBO) – Sri Lanka’s joint opposition Parliamentarian Udaya Gammanpila says he is aware of a reason that will require the government to present the much delayed VAT bill to Parliament once again. Gammanpila told reporters yesterday that he will reveal the secret when the Supreme Court considers his petition filed against the proposed VAT […]
VAT increase will apply after Parliament approval: Prime Minister
July 11, 2016 (LBO) – The Supreme Court’s interim order issued today suspending VAT increase is not expected to have any adverse impact on the government’s revenue collection, Prime Minister said. Releasing a statement Prime Minister Ranil Wickramasinghe said the VAT (Amendment) Bill has already been presented to the Parliament for the first reading on […]
Sri Lanka Cabinet cancels consultancy in defence HQ project
June 23, 2016 (LBO) – Sri Lanka’s cabinet has decided to cancel the consultancy given to a private firm for the construction of the defence headquarters complex at Akuregoda, Battaramulla. “The Committee appointed in the above purpose has observed that selection of consultancy firms and their payments have been done without providing true information to […]
Sri Lanka Central Bank clarifies reports on expenses incurred by Governor
June 06, 2016 (LBO) – Sri Lanka’s Central Bank has clarified media reports about expenses incurred by the Governor. “It has been reported in the media that allegations had been made by members of the Parliamentary opposition that the Governor of the Central Bank has misused public funds.” “The CBSL wishes to state that neither […]
President controls smaller share of govt expenditure: Manthri.lk
Dec 18, 2015 (LBO) – Sri Lanka’s President Maithripala Sirisena controls a smaller percentage of total government expenditure compared with his predecessor Mahinda Rajapaksa, according to budget analysis conducted by Manthri.lk. The former president had 1.6 trillion rupees under his portfolios, while the current president has 377 billion rupees under his purview. Manthri.lk profiles the […]
Sri Lanka’s 2016 budget passed with a majority of 107 votes
Dec 02, 2015 (LBO) – Sri Lanka parliament on Wednesday passed the second reading of the Appropriation Bill for next year by a majority of 107 votes. The 2016 budget passed with 159 members of the parliament voting in favor and 52 opposing it and 13 absent. UNP and TNA voted in favor of the […]
Intercompany employees union opposes funding VCs through EPF, ETF
Nov 27, 2015 (LBO) – Sri Lanka’s Inter-company Employees Union on Thursday opposed a budget proposal to create a venture capital structure using EPF and ETF funds. 2016 budget proposed a venture capital approach for providing equity financing facilities to SMEs through the establishment of a fund termed by Finance Minister as a “Fund of […]
No tariff increase on utility bills due to VAT revision: Finance Ministry
Nov 26, 2015 (LBO) – Sri Lanka’s water, power, telecom will be exempted from value added tax and the prices of most essential goods will also be reduce according to budget 2016, finance ministry said in a statement.The wholesale and retail trade which was previously taxed at 11 percent has been exempt from VAT in […]