Category: Budget
Budget 2025: Tax Relief on Interest Income – Exempting WHT Up to Rs.1.8Mn
The government has announced new provisions that will impact senior citizens and individuals with lower assessable incomes. Financial institutions will not deduct withholding tax on interest paid on deposits made by senior citizens, provided their assessable income from all sources does not exceed Rs.1,800,000/- for any year of assessment. Senior citizens must submit a declaration […]
Final draft of the Budget 2025 Presented for Presidential Review
The final draft of the Budget 2025 was presented for the review of President Anura Kumara Disanayake today (16) at the Presidential Secretariat. Secretary to the Ministry of Finance, Mahinda Siriwardana, was also attend at this occasion. The President, who also serves as the Minister of Finance, Planning, and Economic Development, is set to deliver […]
2025 Budget Must Meet EFF Program Parameters for Executive Board Approval: IMF
The International Monetary Fund (IMF) has stressed the importance of the 2025 budget aligning with the parameters of the Extended Fund Facility (EFF) program, as the Executive Board prepares for its upcoming review. Ms. Julie Kozack, Director of the Communications Department at the IMF, highlighted this during a recent press briefing. On November 23rd, 2024, […]
CA Sri Lanka submits budget proposals to support national revival and growth
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the country’s premier national accounting body, submitted a set of comprehensive proposals for consideration in the upcoming government budget for the year 2025. These proposals aim to bolster Sri Lanka’s economic revival and growth trajectory while promoting governance, transparency, and accountability to restore public […]
Vote on Account first; 2025 Budget early next year: NPP Economic Council
The new President plans to introduce a vote on account to cover expenditures until a fully-fledged budget is presented next year, according to Professor Anil Jayantha, Chairperson of the Economic Policy Committee of National People’s Power. “We are proceeding with a vote on account this year to facilitate the IMF’s third review,” Professor Jayantha stated. […]
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 […]