Monday, November 22, 2010

President Wants Newly Appointed Cabinet Ministers To Stop Criticizing Their Predecessors

After  Newly Appointed Cabinet Members took their oaths this morning President Mahinda Rajapaksha had advised the Cabinet Ministers avoid criticizing their predecessors and work to end corruption in their ministries.He also praised the two deputy ministers who turned down the offered Ministerial Posts to them and remained as Deputy Ministers.

More From The Budget

While announcing that all the BOI(Board Of Investment) Projects failed to initiate during last five years should submit fresh applications President Mahinda Rajapaksha said during his Budget Speech that the two locally based  International Air Lines the Sri Lankan and Mihin Air Lines will exempted from taxes to increase the profits of those Air Lines  within next 10 years.

Except this the other Benefits offered from the Budget includes removing all taxes imposed on importing medicines and medical supplies completely ,granting Rs.100,000 for every third child born in a Soldiers Family and allocating three billion rupees for the economic welfare of the Soldiers.

59 Member New Cabinet Sworn In

New Cabinet of the present government compromising 59 Members took their oaths before President Mahinda Rajapaksha this morning at Presidential Secretariat in Colombo.Ten Deputy Ministers were promoted as Ministers and the subject stream of some ministries too changed.

Electricity And Income Licence Taxes Increased

Under the new budget proposals the tax imposed on consumers consuming more then 90 units of electricity will be increased by 10 percent from next year.

Meanwhile Annual Income License Tax  is increased by 10 percent.

Sri Lanka's Per Capita Income To Be US Dollers 4000 By Year 2016?

President has announced today that Government is planning to turn Sri Lanka's per income capita ratio to US Dollars 4000 by the year 2016.

Liquor,Tobacco And Casino Taxes Increased/Public Transport Vehicle Tax Reduced

Government also increased the Tax rates on Liquor,Tobacco and Casino from 35 percent to 40 percent from the new Budget Proposals presented to Parliament today.

The importing tax imposed on imported public transport vehicles reduced by 25 percent.

2011 Budget-Foreign And Local Call Rates Revised/Taxes Removed From PC's And Softwares

From 2011 Budget Proposals President has announced that the Foreign Call Tax will be increased Rs.2 per minute with effect from next year and the Local Call charges will reduced from Rs.2 to Rs 1.50 per minute from July 2011.

Government also removed the Taxes implement on imported Computers and Software Products with immediate effect.

President Rajapaksha Announced 5 Percent Inter Allowance And Rs.600 COL Increase For Govt.Servents From Budget

President Mahinda Rajapaksha presented the Sri Lankan Government's 2011 Budget Proposals to Parliament as finance minister and announced a 5 percent inter allowance (non pensionable) and 600 Rupees increase of Cost of Living Allowance for the Public Sector Employees with effect from January Next Year.All Pensioners also received Rs.300 increment from next year he said.

Under the new inter allowance some employees in Government Sector will entitled around Rs.3500 Salary Increase President stressed.President also said that the Salary Anomalies prevails in Government Sector will be solved with effective measures.

According the Budget Proposals 10,000 Unemployed Graduates will received employment in the Public Sector Banks from next year and 1500 Graduates will recruited to State Banks and Financial Institutions as Management Trainees.

A new Pension Scheme is introduced for the Private Sector Employees with 2 percent each contribution from Employer and the Employee as well as another 2 percent contribution from the Employers Provident Fund(EPF).

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