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කිත්සිරි ද සිල්වා
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Budget 2016
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
Backstage- Top contributor
- Posts : 3803
Join date : 2014-02-24
Puli, RK said to expect a storm, but today is the best weather we have had in some time. So much for Fat Friday ! 
Backstage- Top contributor
- Posts : 3803
Join date : 2014-02-24
So far no signs of a revolution in the Pitakotte area, though some serious discussion on the ceiling price of plain tea has been observed since last night. 
Can we expect a ball-by-ball commentary from Sashi ?
Can we expect a ball-by-ball commentary from Sashi ?
sashimaal- Top contributor
- Posts : 5785
Join date : 2014-02-28
Live feed:
https://www.youtube.com/watch?v=vz7n-jGZPQs
https://www.youtube.com/watch?v=vz7n-jGZPQs
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
Key points:
– Budget will provide Sri Lanka a new beginning for the development of the country
– Attention on agricultural development to become the rice grannery of Asia
– Sri Lanka is faced with a difficult economic environment
– Special attention to develop state enterprises neglected by the former regime and to create more international trade
– Tourism faced setbacks in the past after some tourists faced violence in the island
– Finances were heading down a dangerous path under previous government even after the end of the war
– We have inherited a difficult situation with the budget deficit
– Budget will provide Sri Lanka a new beginning for the development of the country
– Attention on agricultural development to become the rice grannery of Asia
– Sri Lanka is faced with a difficult economic environment
– Special attention to develop state enterprises neglected by the former regime and to create more international trade
– Tourism faced setbacks in the past after some tourists faced violence in the island
– Finances were heading down a dangerous path under previous government even after the end of the war
– We have inherited a difficult situation with the budget deficit
HUNTER- Top contributor
- Posts : 1935
Join date : 2014-07-14
Thanks. Keep going Puli.
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
Reiterated his request for expats to bring back undeclared funds
– Criticizes irregularities, high debt cost on large infrastructure projects of the previous government
– We have to pay attention to savings, be careful with tax payers’ money
– Tax reform is necessary to increase revenues
– Taxes should be simplified for ordinary people to understand. Value added taxes was down to 26 percent of government’s revenue in 2014 from 40 percent in 2005
– Criticizes irregularities, high debt cost on large infrastructure projects of the previous government
– We have to pay attention to savings, be careful with tax payers’ money
– Tax reform is necessary to increase revenues
– Taxes should be simplified for ordinary people to understand. Value added taxes was down to 26 percent of government’s revenue in 2014 from 40 percent in 2005
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
Productivity, skills and effeciency of public sector should be improved.
14: 56 - Majority of those who can afford to pay taxes are not incldued in the present public taxing schemes
14: 55 - Outdated regulations included in a majority of the 35 varieties of taxes and other service charges imposed on people at present
14: 51 - Debt servicing resulted due to exobitant amounts of foreign debt obtained by previous regime, has imposed a limitation in spending
14: 47 - Although it was made to seem as if SL had achieved a fast paced economic growth during the former government- the country was in fact saddled with a large amount of foreign debt
14: 46 - Sri Lankans should take into account the famous words of US President John F. Kennedy - "ask not what your country can do for you--ask what you can do for your country."
14: 56 - Majority of those who can afford to pay taxes are not incldued in the present public taxing schemes
14: 55 - Outdated regulations included in a majority of the 35 varieties of taxes and other service charges imposed on people at present
14: 51 - Debt servicing resulted due to exobitant amounts of foreign debt obtained by previous regime, has imposed a limitation in spending
14: 47 - Although it was made to seem as if SL had achieved a fast paced economic growth during the former government- the country was in fact saddled with a large amount of foreign debt
14: 46 - Sri Lankans should take into account the famous words of US President John F. Kennedy - "ask not what your country can do for you--ask what you can do for your country."
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
– It is questionable why Sri Lanka took a long time to implement zero budgeting system
– From 2016 January, a new zero based budgeting system to be applied, government institutions should justify expenditure headings. Most countries uses such policies based on accounting principles.
– Pension system will be a huge burden in the future to tax payers. New government servants should have a new pension scheme reducing recurrent expenditure
– Dramatic fall in tax revenue from 19 percent of GDP in 1990 to 10.2 percent in 2014
– Government debt to GDP ratio is 72 percent
– Public and private sector partnership for the construction of budget houses for middle level income earners needed
– Railway system will be modernised to meet demand and minimize traffic on the roads that is a drain on productivity
– Committee to develop SME business sector
– From 2016 January, a new zero based budgeting system to be applied, government institutions should justify expenditure headings. Most countries uses such policies based on accounting principles.
– Pension system will be a huge burden in the future to tax payers. New government servants should have a new pension scheme reducing recurrent expenditure
– Dramatic fall in tax revenue from 19 percent of GDP in 1990 to 10.2 percent in 2014
– Government debt to GDP ratio is 72 percent
– Public and private sector partnership for the construction of budget houses for middle level income earners needed
– Railway system will be modernised to meet demand and minimize traffic on the roads that is a drain on productivity
– Committee to develop SME business sector
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
:13 - Public sector transportation to be developed
15:11 - Government and private sector collaboration to initiate housing projects for low and middle income level families
15:10 - Measures should be taken to ensure rapidly increasing cancers, kidney disease and dengue epidemic cases are minimized
15:10 - Aging population should be provided with healthcare schemes.
15:07 - Modernisation of education sector needed - students' life skills and independant thinking should be nurtured. Exam centered education system should be replaced with a skills-centered scheme.
15:05 - Trend of low level of private investments which was at about 22% during the past few years, has to be changed
15:02 - Measures should be implemented to organise and manage the rising pension payments owing to the rise in aging population
15:11 - Government and private sector collaboration to initiate housing projects for low and middle income level families
15:10 - Measures should be taken to ensure rapidly increasing cancers, kidney disease and dengue epidemic cases are minimized
15:10 - Aging population should be provided with healthcare schemes.
15:07 - Modernisation of education sector needed - students' life skills and independant thinking should be nurtured. Exam centered education system should be replaced with a skills-centered scheme.
15:05 - Trend of low level of private investments which was at about 22% during the past few years, has to be changed
15:02 - Measures should be implemented to organise and manage the rising pension payments owing to the rise in aging population
Backstage- Top contributor
- Posts : 3803
Join date : 2014-02-24
Wow , Puli very impressive. Keep it going.
The Alchemist- Top contributor
- Posts : 651
Join date : 2014-02-25
Good on you Puli. thanks a lot. BTW for you Budget watchers, 160 hostages taken in Mali @ Radisson Hotel - CNN
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
Proposals
– Committee to develop SME business sector
– Policy for micro, small and medium entrepreneurs to cover all issues, regulate the sector
– 500 million rupee initial fund to protect micro, small and medium scale sector
– Micro, small and medium entrepreneurs to get 50 percent discount on income tax from April 2016
– Selected lenders will finance Micro, small and Medium entrepreneurs without collateral
– Venture Capital will be availble for startups
– Incubators to be set up in mini industrial parks across the country and private sector companies invited to operate in them. A three years tax cut of 50 percent to be granted.
– Need to convert agriculture to agribusiness; Rs1000mn provision for a program to convert underutilized state lands to agricultural lands
companies that promote greenhouse technology and drip irrigation to be provided 50 percent tax cut in order to encourage the production of high yielding seeds.
– Committee to develop SME business sector
– Policy for micro, small and medium entrepreneurs to cover all issues, regulate the sector
– 500 million rupee initial fund to protect micro, small and medium scale sector
– Micro, small and medium entrepreneurs to get 50 percent discount on income tax from April 2016
– Selected lenders will finance Micro, small and Medium entrepreneurs without collateral
– Venture Capital will be availble for startups
– Incubators to be set up in mini industrial parks across the country and private sector companies invited to operate in them. A three years tax cut of 50 percent to be granted.
– Need to convert agriculture to agribusiness; Rs1000mn provision for a program to convert underutilized state lands to agricultural lands
companies that promote greenhouse technology and drip irrigation to be provided 50 percent tax cut in order to encourage the production of high yielding seeds.
කිත්සිරි ද සිල්වා- Top contributor
- Posts : 9679
Join date : 2014-02-23
Age : 66
Location : රජ්ගම
Thanks Pully.
(Wow " Drip irrigation to be provided 50 percent tax cut " ).
(Wow " Drip irrigation to be provided 50 percent tax cut " ).
_________________
I am the wisest man alive, for I know one thing, and that is that I know nothing.
Socrates
sashimaal- Top contributor
- Posts : 5785
Join date : 2014-02-28
Thanks Puliy 
Backstage- Top contributor
- Posts : 3803
Join date : 2014-02-24
Help for Chicken exporters.
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
– Maximum retail price of a 400g packet of local milk will be reduced from Rs325 to Rs295, Subsidy of Rs30 to those produce 400g milk; Rs1000 million to be used for the project
– Fisheries Industry: We export 150 million dollars worth fish annually. To encourage local industry I propose, 1 million life insurance for fisherman. Also we encourage tin fish production. Accordingly 300 million rupee concession to be given to Lak Sathosa to see tin fish at a price of 125 rupees.
– Tea Sri Lanka has less value-added tea in the market. So we encourage more value added tea based products.
An Active Committee would be establish to look over tea industry. We are planning to move towards to a Tea blending country. But to protect the “Ceylon Tea branding” I propose to look into labeling strictly.
– Fisheries Industry: We export 150 million dollars worth fish annually. To encourage local industry I propose, 1 million life insurance for fisherman. Also we encourage tin fish production. Accordingly 300 million rupee concession to be given to Lak Sathosa to see tin fish at a price of 125 rupees.
– Tea Sri Lanka has less value-added tea in the market. So we encourage more value added tea based products.
An Active Committee would be establish to look over tea industry. We are planning to move towards to a Tea blending country. But to protect the “Ceylon Tea branding” I propose to look into labeling strictly.
කිත්සිරි ද සිල්වා- Top contributor
- Posts : 9679
Join date : 2014-02-23
Age : 66
Location : රජ්ගම
" Tea Sri Lanka has less value-added tea in the market. So we encourage more value added tea based products ".
Good move.
Good move.
_________________
I am the wisest man alive, for I know one thing, and that is that I know nothing.
Socrates
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
– Two year tax exemption for Tea and Rubber growers
– New economic zone in Vavniya to be setup
– 750 million rupees allocated for the harbor development of Chilaw, Mirissa, Kalmuniai, Karainagar, Poornawella
– Sri Lanka to give 50 permits through Central Bank to import gold.
– Auctions for gems to be held in the country
– New economic zone in Vavniya to be setup
– 750 million rupees allocated for the harbor development of Chilaw, Mirissa, Kalmuniai, Karainagar, Poornawella
– Sri Lanka to give 50 permits through Central Bank to import gold.
– Auctions for gems to be held in the country
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
5:47 - SL being a location free of bird-flu has opened up export markets for poultry, particularly in the Middle Eastern region
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
Gem and jewelry auctions will be held in Sri Lanka every April and in October with an intention to get a better rate
– Investor friendly foreign exchange control
– Liberalising the lubricant market, remove lubricants from BOI negative list
– Investor friendly foreign exchange control
– Liberalising the lubricant market, remove lubricants from BOI negative list
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
LLUB and LIOC?
Axe- Posts : 251
Join date : 2014-02-23
More proposals towards Rubber and Tea industry! Sha!
puliyanam- Top contributor
- Posts : 482
Join date : 2014-02-28
– Abolish SIA Securities Investment Accounts, propose investors to be allowed to bring in money through any bank account
කිත්සිරි ද සිල්වා- Top contributor
- Posts : 9679
Join date : 2014-02-23
Age : 66
Location : රජ්ගම
Looks investor friendly on the face value of it but will it not open a back door for many others?
puliyanam wrote:– Abolish SIA Securities Investment Accounts, propose investors to be allowed to bring in money through any bank account
_________________
I am the wisest man alive, for I know one thing, and that is that I know nothing.
Socrates
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