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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 Delivering the budget plans for 2005 Minister of Fianance, Sarath Amunugama said the railway authority law would be repealed but that the railway will […]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 […]

The government abandons single band VAT and is planning to tax weddings and wedding services, and reception hall rentals at a new higher rate of 18 percent.The government abandons single band VAT and is planning to tax weddings and wedding services, and reception hall rentals at a new higher rate of 18 percent. “The single […]

The government plans to revive the local construction industry with housing schemes for migrant workers and public servants and a cess on contractors.The government plans to revive the local construction industry with housing schemes for migrant workers and public servants and a cess on contractors. The budget on Thursday announced that the Construction Industry Guarantee […]

Sri Lanka’s Tamil Tiger rebels accused President Chandrika Kumaratunga of “deceit” as she gave the guerrillas two weeks to decide if they wanted to revive stalled peace negotiations Sri Lanka’s Tamil Tiger rebels accused President Chandrika Kumaratunga of “deceit” as she gave the guerrillas two weeks to decide if they wanted to revive stalled peace […]

The fledgling software industry will get a leg up through concessional sops to achieve a US$ 1 bn export earnings by 2012.The fledgling software industry will get a leg up through concessional sops to achieve a US$ 1 bn export earnings by 2012. In order to support this industry, the public sector will be required […]

On Wednesday afternoon a beaming Finance Minister, Dr.Sarath Amunugama ceremonially transferred the an e-assisted budget to the red budget box for the UPFA government’s maiden budget reading on Thursday.On Wednesday afternoon a beaming Finance Minister, Dr. Sarath Amunugama ceremonially transferred the an e-assisted budget to the red budget box for the UPFA government’s maiden budget […]