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.
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