Sri Lanka World News

Sri Lankan Budget 2017 Proposal :Live 

Sri Lankan Finance Minister Ravi Karunaratna is proposing the Budget 2017 currently in the Partliment

Updated : 5.00PM SLT

Here is the Latest: 

  • Corporate income tax to be revised to a 3 tier structure 14-28-40. WHT increased from 10% to 14%
  • 500m for interest subsidy to hotel upgrades. 
  • Tax cuts on imports of surf boats, quad bikes and leisure boats. Latter was there in last budget too. 
  • Government to go for public listing of Mobitel Sri Lanka
  • 200% capital allowance for investment in the North and 100% for Uva and East for investment above USD 300mn excl. land value 
  • Import of CTC teas will be allowed for re-export with value addition 
  • Abolish the import export control fee of 1 percent on CIF price on tea to remove the fee of packing of tea.
  • Govt offers amnesty for those affected by CRIB who have a default credit history of upto Rs.500,000 
  • We plan to upgrade the Castle Maternity Hospital in Borella under a PPP model;Rs.3 bn is allocated 
  • Higher Education Loans of upto Rs 800,000 to be provided to 15,000 students who fail to enter state universities 
  • Private sector invited to train 10,000 youth in urgently needed skill categories. Govt will provide stipend of Rs.10k/month for 3 months
  • Five year multiple entry visas to attract international students to study in Sri Lanka
  • A Rs 200,000 insurance plan for all school students 
  • University intake will be increased upto 50,000 while extending the teaching hours in uni till night by 2020
  • Maximum retail control price of Chicken relaxed and price of one Kg will be Rs.420
  • Education:Less allocation for 2017 compared to 2016 bcz there is abt 32bn unused 2016 expenditure 
  • 2% CESS on import of Sugar, 5% on import of Ethanol 
  • Free tabs for school children , invites telcos to set up wifi. Rs.5billion allocated to provide Wifi and Tabs for 100000 graduates entering state Universities 
  • Rs 17840Mn allocated for the improvement of education
  • Govt introduces Subahagawu Scholarship scheme for best school students where Rs.2000 paid monthly 
  • Rs.1.2bn allocated to improve fisheries sector in H’tota, Batti & Jaffna
  • 20,000 acres will be allocated to cultivate commercially viable fruits and vegetables for the purpose of exports
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