More Budget Proposals From 2016 Annual Budget

*A Five Day working week for Employees of Private Sector(At present working week for private sector employees is five and half days)

*Value Added Tax(VAT) threshold revised to Rs.12 million per year

*Other than Manufacturer and Importer Wholesale and Retail Traders excluded from VAT

*2.5 % Withholding Tax deducting by Banks or Financial Institutions on interests from deposits to be removed

*Annual Tax on Betting and Gambling will be increased to Rs.400 million

*Taxes imposed on English Films and Advertisements will be removed

*50% tax holiday for those involved in Mice Tourism for five year period

*7500 seat state of art convention center to be build in Colombo

*Three domestic Air Ports to be build in Degana,Badulla and Puttalam Areas

*The 9 US Dollar Cents charging per every minute for foreign calls received to phones will be reduced to 3 US Dollar cents

*Tile Industry to be free from tax for three year period

*Those who are paying annual income tax exceeds Rs.25 million will be provided with special facilities like VIP Facilities at Air Port,Invitations to attend state functions,allow to meet President and Prime Minister and given priority at state institutions

*To build skills of Parliamentarians a sum of Rs.50 million will be allocated

*Suggesting Ceylon Transport Board (CTB) to examine the ways of building buses locally for CTB with corporation of other local manufacturing  institutes

*Mattala Air Port to be convert to Air Luggage Operating Center and tax concessions will be provided for the activities of Air Port

*To convert all Local Universities to WI FI Zones Rs.300 million will be allocated

*Rs. 500 million will be allocated to develop Galle Fort

*Import Taxes imposed on 15 items including cloths,shoes and electrical appliances will be removed

*Tax Concession for newly build hotels

*A programme will be implemented to encourage people on using solar power 

THOUGHT OF THE DAY

SINHALA QUOTE FROM THE WEB

Hasitha Thilakaratne Has Appointed As New Chairman Of Consumer Affairs Authority

The Government has appointed Hasitha Thilakaratne as the new Chairman of Consumer Affairs Authority of  Sri Lanka with immediate effect.

He will  replace Dr.R.M.K Ratnayake who was the previous chairman of Consumer Affairs Authority.

The new chairman has been previously  served as Chairman Of Laksala and National Gem And Jewelry Authority.

Taxes Of Leasing Lands in Sri Lanka to Foreigners Will Be Removed -Finance Minister Ravi Karunanayake

Finance Minister Ravi Karunanayake had suggested through today's Budget Proposals  to remove the Taxes imposed on Foreigners for leasing lands in Sri Lankan Soil.

Tax Exemptions will be afforded for new direct foreign investments according to Finance Minister.

The Finance Minister has also suggested to allocate Rs.10 Billion for Digital Identity Card Scheme due to be implemented for all Sri Lankan Citizens from next year.

A FAMOUS LANDSCAPE PAINTING (1850-52)OF YESTERYEAR ITALIAN ARTIST GIOVANNI COSTA (1826-1903)

THIS POPULAR YESTERYEAR LANDSCAPE PAINTING WAS DONE BY YESTERYEAR ITALIAN LANDSCAPE PAINTER AND PATRIOTIC REVOLUTIONARY GIOVANNI COSTA .HE IS ALSO KNOWN AS NINO COSTA.

Few Other Proposals Suggested Through Today's Budget....

* The Fee for obtaining a Passport under one day service will be increased From Rs.7500 to Rs.10,000 and the fee charge  for Dual Citizenship Applications will be increased from Rs.250,000 t0 Rs.300,000

* A Housing Scheme will be implemented for low income group especially for slum dwellers to build 100,000 houses within a 5 year period

*Vehicle permits granted under different schemes for Government Sector including Parliamentarians suggested to be abolished 

*A Sum of Rs.21,000 Million is to be allocated to create Proposed Cluster Village System in view of uplifting the rural economy.Under this a sum of Rs.1500 Million will be allocated per village.

*A three year interest free Loan Scheme to be implemented for University Students to purchase Laptop Computers

* Small Scale Farmers will be given a Money Voucher worth Rs.25,000 per one Hectare of Cultivated Land to purchase Chemical Fertilizer or suitable fertilizer replacing the Fertilizer Subsidy given earlier