University of Colombo MBA Alumi Budget 2016 – Discussion with Finance Minister Hon. Ravi Karunanayake

The MBA Alumi Association University of Colombo organized a forum of Budget 2016 with the Finance Minister, Hon. Ravi Karunanayake & key industry leaders at the Post-Budget forum. Take part of this forum and knew unseen background of Budget 2016 and thoughts of industrial leaders.

Date: 24th November 2015

Time: 9am to 12pm

Venue: Hotel Galadari

Ticket Price: Rs. 3,500/-

This would usefull for businessmen, Financial analyst and those who key concern on budget 2016.

For more details contact to The MBA Alumi Association University of Colombo on 0772 224 994 or see below image

University of Colombo MBA Alumi Budget 2016 – Discussion with Finance Minister Hon. Ravi Karunanayake
University of Colombo MBA Alumi Budget 2016 – Discussion with Finance Minister Hon. Ravi Karunanayake

Hybrid vehicles Relief (No New tax for Hybrid vehicles till March 16) for those who Open LC

The Government has provided conditional relief to individuals who had opened Letters of Credit to import hybrid vehicles before the interim budget. Financial Ministry officials said they would not be charged new taxes until March 16.

The decision to provide relief to the individual importers of hybrid vehicles came after a series of discussions with the Finance Ministry. The relief will apply to those who have ordered hybrid vehicles below 2,500cc engine capacity.

Accordingly, individual importers will not be able to transfer the vehicle for four years from the date of registration. The vehicle should be registered under the importer’s name.

In the interim budget presented to parliament on January 29, those importing hybrid vehicles were required to pay additional taxes of more than Rs 600,000.

The move drew protests from individual vehicle importers and car sale owners. However, no relief has been provided to car dealers.

NEWS

Is 15% interest rate for Senior Citizens’ Deposit is active in Sri Lanka? ( Highest Interest Rate Earnings in Sri Lanka at the Moment)

There were many confusion over 15% interest for senior citizens’ deposits, where the Sri Lanka Banks’ Association (SLBA) stated that they are going to meet the Deputy Governor, Ananda Silva on Monday to get few clarification about this scheme.

There are many Senior citizens are facing problem due to a less interest rate earning for their deposits which made them after their retirements. Therefore the past government has suggested to offer 12% per annum to Senior Citizens’ who deposits more than Rs. 2.5 Million (25 Lakhs), but the present government has increase the interest rates to 15% per annum and reduce the  minimum amount for senior citizens fixed deposits of Rs. 1 Million to deposits to obtain a higher interest rates.

TVS Motor Cycle and Three Wheeler Updated Prices in Sri Lanka – February 2015

TVS Lanka is an authorized dealer of the TVS Motor Bikes and TVS Three wheelers (TVS Autos) in Sri Lanka announces their updated Prices,

 

 

Model Engine Capacity Price (All Inclusive)
TVS Motor Bike Prices
TVS Apache RTR 180 180cc Rs. 344,000/-
TVS Apache RTR 150 150cc Rs. 293,500/-
TVS Metro 100cc Rs.  155,000/-
TVS Flame SR 125 125cc Not Imported Now
TVS Phoenix 125 125cc Rs. 219,000/-
TVS Star Sport 100cc Not Imported Now
TVS Wego Dream 110cc Rs. 206,900/-
TVS Wego Refresh (Degital Meter) 110cc Rs. 215,900/-
TVS Wego Disk 110cc Rs. 222,000/-
TVS Jupiter 110cc Rs. 218,000/-
TVS Scooty Pept 90cc Rs. 195,000/-
TVS Scooty Streak 90cc Rs. 199,000/-
TVS Scooty Zest 110cc Rs. 204,900/-
TVS Heavy Duty 70cc Rs. 102,000/-
TVS Champ 49cc 49cc Not Imported Now
TVS King Three Wheeler Price (TVS Auto Prices)
TVS King 200cc Rs. 484,900/-
TVS King SLD Fully Loaded 200cc Rs. 529,900/-
TVS King Max with Fiber Roof – Metallic Finish 200cc Rs. 566,900/-
TVS King Max with Fiber Roof – Met Finish 200cc Rs. 556,900/-
TVS King Bakery Delivery Auto 200cc Rs. 575,000/-

the New Budget has no impact to the Motor Cycle Prices because it was only impact to the Motor Vehicles of less than 1000cc

All the Prices are subject to change and warranty and serving metering are different between bikes to bike.

For more details and ordering TVS motor cycles contact to TVS Lanka on 0777220550

 

Hybrid and Electric Car Price in Sri Lanka – February 2015

Here is quick view of the Customer Duties of all Hybrid and Electric Car available in Sri Lanka,the below table shows the previous and current taxes and how much has increase or reduce in taxes.

in overally the Hybrid prices has increase and electric vehicle prices has reduced. for more details see below table,

Car Model Customer Duty before 2015 Custom Duty after Budget Proposal Difference
Honda Fit 1.04 Million 1.665 Million 0.625 Million
Toyota Aqua 1.12 Million 1.79 Million 0.67 Million
Honda Fit Shuttle 1.045 Million 1.670 Million 0.625 Million
Honda Fir 2014 Model 1.080 Million 1.725 Million 0.645 Million
Honda Vezel 1.56 Million 2.50 Million 0.94 Million
Honda Grace 1.29 Million 2.06 Million 0.77 Million
Toyota Prius 1.63 Million 2.61 Million 0.98 Million
Toyota Corolla Axio 1.225 Million 1.96 Million 0.735 Million
Toyota Town Ace 1.56 Million 2.56 Million 1 Million
Outlander Hybrid GG2W 2.165 Million 3.465 Million 1.30 Million
Nissan Leaf Azed (Electric Car) 0.76 Million 0.19 Million 0.57 Million
Nissan Leaf ZED (Electric Car) 0.80 Million 0.20 Million 0.60 Million
Mercedes Benz e-class Saloon 4.65 Million 6.28 Million 1.63 Million

Above duties are approximate and subject to differ from seller.

 

 

Perodua VIVA Elite and Perodua Axia Prices in Sri Lanka after Budget Proposal – February 2015

Unimo Enterprise Limited an importer of the Malaysian manufactured Perodua Cars in Sri Lanka said that the Unimo Enterprise Limited stop importing the Perodua VIVA Elite to Sri Lanka and there won’t be any new Prices for the Perodua Viva Elite with reduction of tax stated in budget.

But instead of Perodua Viva Elite Unimo Enterprise limited going to import brand New Perodua Axia car to Sri Lanka. the official confirm there is no pricing has done yet but the car is expected to be Rs. 2.5 Million, where Perodua VIVA Elite was Rs. 2.235 Million before tax reduction.

Click Here – Perodua Axia Prices in Sri Lanka

Three Wheeler Prices in Sri Lanka after New Budget

There is a huge expectation from threewheel driver about the price reduction of three wheeler after the budget implementation. But the reality was the tax reduction of 15% was reducing only for motor vehicles which less than 1000cc.

This tax reduction has not impact to any of three wheeler or motor cycle prices in Sri Lanka. The Brand New Bajaj Three wheeler (Auto) will be Rs. 492,380.00 all Inclusive.

For more details about

Bajaj Prices Click Here

Yamaha Motor Cycle Prices Click Here

Maruti Suzuki Car prices Click Here

Three-wheeler fares, Bus Fares and School Van fees reduce from today

Three Wheeler (Auto) fare reduction by 10%

School Van Fate Reduction by 5%

The Internal Transport minister  has released a statement that In line with the government’s programme of providing relief to the public, three-wheeler fares and school van fees will be reduced by 10 percent and five percent from today (1st February 2015). He stated that ministry has negotiated with the All Island Three Wheeler Drivers and Owners Association and the Sri Lanka and AD Ceylon School Van Drivers’ Association to bring down school van fees and three wheeler fares.

Measures will be taken to sort problems in the three wheeler and school van transportation as requested by their owners and operators. Measures will be taken to regulate the two transport modes by introducing rules and regulations.

He stated action will also be taken to reduce bus fares of both SLTB and private super luxury buses plying on expressways.

New Price of Hybrid electric Car in Sri Lanka- After Budget

 

Vehicle Importers Association Chairman Mahinda Sarathchandra stated to media that prices of vehicles below 1000 cc would come down only by Rs. 25, 000 in the wake of the 15% tax reduction announced in Thursday’s mini budget while all hybrid cars would go up by as much as Rupees one million.

The custom duty for less than 1000cc vehicle is 172.5% which had been imposed on cars below 1000 CC was reduced to 155.25% which would result in a decrease of Rs. 25, 000 for cars below 1000 cc.

And he stated that however prices of hybrid Electric cars would go up by a huge amount due to the new tax system. he said the price of a Prius hybrid car would go up by Rs. 975, 000, Axio hybrid car by Rs. 725, 000 and Honda Fit hybrid car by Rs. 700, 000 because of the new taxation. He said the tax revisal would have an impact on vehicle importers.

How much Maruti Suzuki Cars (Less than 1000cc) prices will go down in Sri Lanka after New Budget

Vehicle Importers Association Chairman Mahinda Sarathchandra stated to media that prices of vehicles below 1000 cc would come down only by Rs. 25, 000 in the wake of the 15% tax reduction announced in Thursday’s mini budget while all hybrid cars would go up by as much as Rupees one million.

The custom duty for less than 1000cc vehicle is 172.5% which had been imposed on cars below 1000 CC was reduced to 155.25% which would result in a decrease of Rs. 25, 000 for cars below 1000 cc.

Interest Free Loan for women Entrepreneurs in Sri Lanka – Budget Proposal 2014

Women form an integral part of our society, driving its success and sustenance. In view of the undeniably essential role that they play, empowering them with the means to succeed in their efforts is vital. It is indeed heartening to see women realise their true potential through the initiatives of the Government.

An interest free loan facility solely for the women of our nation able to triumph over challenges and propel the development of our country in appreciation of her invaluable contribution and to uplift her entrepreneurship that drives a nation’s success

The Regional Development Bank is dedicated to support women entrepreneurs Further information can be obtained from the nearest Regional Development Bank 011 2035454 or visit www.rdb.lk

Or see below image

Interest Free Loan for women Entrepreneurs in Sri Lanka – Budget Proposal 2014
Interest Free Loan for women Entrepreneurs in Sri Lanka – Budget Proposal 2014

Sri Lanka Budget 2014 Highlight at once

The President of Sri Lanka and the Finance Minister submitted the Budget for the year of 2014 on 21st November 2013, at Parliament of Sri Lanka.

There are many Highlights, which attracts industrialist for the better infrastructure based to develop more Investments to srilanka and make it better trade deficits position.

 

  • Expects to reduce budget deficit to 3.8%
  • Rs. 1,200 Cost of Living allowance for state sector employees
  • Nation building tax of 2% will be extended to banks and financial institutions.
  • Foreigners can obtain land in Sri Lanka only on lease agreements from 2014 while an initial tax of 15% of the value will be levied
  • License scheme for transportation of furniture will be abolished In order to promote the locally manufactured furniture
  • Aviation services will be exempted from the Nation Building Tax
  • Uniform allowances for the hospital staff will be increased to Rs. 1,500
  • Allowances for university lecturers will be increased by 5%
  • Rs.350 fertilizer provision to be given during both yala and Maha seasons.
  • Motor vehicles department and land registry systems brought under the treasury.
  • Motor vehicles tax can be paid through the internet.
  • Nation Building Tax on banks
  • Taxes on vehicles, liquor and cigarettes up
  • Farmers over 63 years will be paid a pension of not less than Rs 1,250
  • Provincial Council (PC) taxes exempted on business with monthly Income below Rs.50,000
  • Female entrepreneurs to be given Interest free loans of up to 250,000. Females aged 68and below would entitle to this who are Invoked In their own business
  • 1,000 bridges to be built In remote villagers. Rs. 4,500 million to be allocated for Gama Neguma and other village level development
  • 20,000 milk cows to be imported to the country to enhance milk manufacturing
  • Tax to Increase on Imported fish
  • To stop Kidney diseases Rs. 900 million to be spent to build a water purification unit in North Central Province (NCP)
  • Chemotherapy units to be established in hospitals in Galle, Jaffna and other districts
  • Lecturer salaries to be increased
  • Hambantota to be promoted as ICT hub In South Asia
  • New housing schemes to be built for Colombo dwellers
  • 3 year partial tax holiday for listing new companies on the CSE
  • Personal allowances of judges up by 8%
  • State workers Cost of Living allowance to be increased by Rs1,200 from January
  • Three new Housing complexes to be constructed to ensure Policemen serving In Colombo would have no problem in location

The most of the budget proposals toward encourage local productions and avoid imports and encourage trade balance of economy.

Srilanka towards Success – 2013 Budget Proposals Quick Review

Srilanka towards Success – 2013 Budget Proposals Quick Review
Srilanka towards Success – 2013 Budget Proposals Quick Review

President Mahinda Rajapaksa submitted the Srilanka Government 2013 Budget to Srilanka Parliament as the Minister of Finance.

Key Budget Proposals are

Budget and Fulfillment of Education Sector Needs

The budget is allocating 4.1% of the GDP for the Education Sector which is Rs. 306 Billion towards to improve the educational sector demands. This is lead to satisfy the improvement of Educational quality of Universities and Secondary Education.

Rs. 1 Billion for Housing loan Scheme for Security forces personal

Rs. 1000 Million allocate for 3 years rehabilitation programme to improve housing condition of families in Security forces.

950 Million For Police Development

Rs. 950 Million were allocated for 2013 for develop its academy for training and human resource development and rehabilitation and construction of Police Stations.

USD 4000 per capita Income by 2016

Srilanka is looking forward to achieve USD 4,000 Per Capital income by 2016 to be Upper Middle Income country.

Reach Investment level to 35% of GDP

The Srilanka towards to achieve gradual increase in Investment level in 35% of GDP.

Total Exports and Imports improvements

The total export earning has reduce by USD 0.6 Billion (USD 9.50 Billion to USD 10.1 Billion in Last year) and Total Imports also reduced by USD 1.5 Billion from last year (USD 20 Billion to USD 18.50 Billion)

Maintain foreign reserve as USD 7 Billion

The Government aim to maintain USD 7 Billion as a Foreign Reserve and stabilize the foreign exchange market.

Maintain Budget Deficit lower on GDP and lead Positive

The Government is looking forward to maintain their deficit under the GDP growth and reduce the gaps for long term.

Rs. 500 Million on National Reconciliation

The Government willing to Spend Rs. 500 Million on national integration and improvement and promotion of trilingual Srilanka, Social integration programme, Rehabilitation of Ex combatants and all national integration process.

Rs. 200 Million on Family, Religion and Cultural improvements

The Government supports to improve the Family, Religion and Cultural improvements and maintain empowered the family valued with Rs. 200 Million.

A Poverty Free Srilanka

The government in improved process on reduces and achieves Poverty free Srilanka; in 2012 Srilanka indicated 8.9% as Poverty.

Free Health food and Pair of Shoes for School Children

The Government proposed to give Cereal, Milk and Eggs for Free of Charge to isolated rural area, and looking forward to give pair of shoes too.

Rs. 1,500 Million to be Poverty Free Srilanka in 2016

The Government looks forward to invest Rs. 1,500 Million to intensify poverty reduction initiatives targeting remain poor.

Attractive to Foreign Investment

The Government looking for the foreign and local investment on the Post cities, Nano parks and IT Parks and encourage doing business.

Improvement of Foreign Currency management

Export USD 15 Billion
Imports USD 18 Billion
Tourism USD 2.5 Billion
Remittance USD 10 Billion

 

Rs. 500 Million on Green Environment

The government willing to invest on Rs. 500 Million in 2013 and Rs. 1,500 Million to be utilized over 3 Years to expand the forest coverage to 35% of land to targeting 250,00 Hectares in island wide.

 

And for more information from the Srilanka Ministry of Finance , Click Here to see Details of Budget Proposal 2013