Friday, March 13

Tag: Budget 2018

Anti-corruption is the new patriotism: Maithri
5Feb By Faraz ShauketalyNo Comments
LOCAL, Main Story

Anti-corruption is the new patriotism: Maithri

Sirisena says honest politicians imperative, corruption biggest challenge to development  Fighting corruption is self-defense of the nation to protect economic and other freedoms  Reaffirms commitment to “top to bottom” legal and institutional reforms  Pledges to uphold culture while developing country   Former development was for political agendas, people-centric development needed  Systematic development policies that reflect national priorities needed  Outlining Sri Lanka’s road ahead at the 70th Independence Day celebrations, President Maithripala Sirisena yesterday put the fight against corruption at the center of the nation’s goals, going so far as to describe it as the new form of patriotism and the greatest challenge to development. Delivering his customary add...
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No taxes imposed on migrant workers in 2018 budget, Foreign Employment Minister assures
12Dec By Faraz ShauketalyNo Comments
LOCAL

No taxes imposed on migrant workers in 2018 budget, Foreign Employment Minister assures

Sri Lanka's Minister of Justice and Foreign Employment Thalatha Athukorala stressed that 2018 budget has not imposed any tax on migrant workers and the reports to that taxes will be imposed on their income are false. She said that the people are being misled by presenting such false facts and it should be mentioned that the government has not tabled such a proposal in the budget. The Minister has also stated that a motion to tax migrant workers' income was not presented in the budget and the various websites are incorrect when the issue was raised by the JVP MP Sunil Handunneththi during the committee stage budget debate of the Ministry of Foreign Employment. Commenting on the matter at the budget debate in parliament, Minister Atukorala said everyone knows that Minister of Financ...
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Opposition failed in its responsibility to properly critique Budget 2018: Harsha
11Dec By Faraz ShauketalyNo Comments
Business

Opposition failed in its responsibility to properly critique Budget 2018: Harsha

-Says Finance Minister should be satisfied with maiden Budget -Tax on telecom towers hindering shift to digital era -Commends ‘Beer Tax’ as right decision By Skandha Gunasakara The Opposition failed to carry out its duty to critique Budget 2018 in a logical manner as a proper Parliamentary Opposition should, Policy Planning and Economic Development Deputy Minister Dr. Harsha De Silva said in Parliament on the day of the final Budget vote. Taking part in the Third Reading of the Appropriation Bill 2018 on Saturday (9), the Minister said that it was the norm for the Opposition to criticise the Budget proposal but this time around it had failed to do so in a logical manner. “What we have seen is the Opposition always criticising and finding fault with the Budget proposals we...
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Finance Ministry rejects allegation that the government has given approval to produce spirits using rice
6Dec By Faraz ShauketalyNo Comments
Business

Finance Ministry rejects allegation that the government has given approval to produce spirits using rice

The government has not given any approval to produce spirits using rice as a raw material to any distilleries, Ministry of Finance and Mass Media said today. Issuing a press release yesterday (5th Dec.) the Ministry said there is no truth in the allegation made by MP Bandula Gunawardena to the effect that this government has given approval to use rice as a raw material for the production of alcohol. "In fact the approval to use rice for the production of alcohol was given by the previous government in 2006," the statement said. The Ministry clarified that there are 14 distilleries in Sri Lanka and they use Palmyra toddy, coconut toddy, molasses, maize and fruits to produce spirits. In 2006, the previous government had given the approval to one liquor manufacturing company to pr...
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Opinion: Budget 2018 – Will Clarity in Thought Translate to Clarity in Action?
15Nov By Faraz ShauketalyNo Comments
Opinion

Opinion: Budget 2018 – Will Clarity in Thought Translate to Clarity in Action?

By Kithmina Hewage &Harini Weerasekera Slow growth, declining export earnings and FDI inflows, and inadequate foreign exchange reserve cover characterize Sri Lanka’s current macroeconomic climate. The heavy dependency on non-tradables is a key factor slowing the country’s growth momentum. Apart from this structural feature, unfavourable weather conditions that are causing inflationary pressures could potentially dampen growth. Tightening of fiscal and monetary policy further restricts the space to provide stimulus for growth. On the plus side, over the past year, the economy has witnessed an improvement in macroeconomic fundamentals due to fiscal consolidation efforts, aided by a more prudent monetary policy framework and exchange rate management policy. To overcome debt, Sri Lanka ...
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PCs should tax businesses with quarterly income up to Rs3mn: FC
14Nov By Faraz ShauketalyNo Comments
Business

PCs should tax businesses with quarterly income up to Rs3mn: FC

Sri Lanka’s Finance Commission (FC) has recommended that Provincial Councils should be allowed to collect taxes from business entities with quarterly income up to 3 million rupees. Currently, only business entities with quarterly income exceeding 3 million rupees are subjected to NBT, which is collected at the national level, while businesses having less than 3 million rupees quarterly income are exempt from NBT. Budget 2018 also proposed to further rationalise the exemptions on NBT in order to implement various policy measures of broadening the tax base and minimizing the tax expenditure. The Commission, in its report dated 21.08.2017, further recommended enhancing provincial revenue through untapped revenue sources such as private schools, tutories, local and foreign collages of...
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Budget 2018: Vehicles tax revised
9Nov By AdminNo Comments
Uncategorized

Budget 2018: Vehicles tax revised

Sri Lanka will cut taxes on electric cars by one million rupees and also cut taxes on buses, Finance Minister Mangala Samaraweera said. Tax cuts will also be cut for electric three wheelers. The Minister noted that substandard vehicles will not be imported to the country while proposing that 50 electric buses will be purchased in future. Small car taxes will be cut. Cars above 2,500 will be taxed 2.5 million rupees. Diesel three wheelers will be taxed 50,000 rupees more. Facility to re-export three fossil three wheelers. A carbon tax will be imposed on new vehicles  in daily basis - Motor cycles (17 cents) - cars (Rs.1.78) - bus (Rs. 2.74)
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