• Expects to reduce budget deficit to 3.8%
• Rs. 1200 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
• Women entrepreneurs up to the age of 68 years will receive interest free loans of Rs.250,000
• 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.1500
• Allowances for university lecturers will be increased by 5%
• Judges personal allowances to be increased by 8% to keep the profession viable and attractive
• No Provincial Council (PC) taxes on businesses with a monthly income below Rs.50,000
• 20,000 milk cows to be imported to the country in order enhance milk manufacturing
• Farmer pension to be given from next January for farmers over 63 years
Sri Lanka will aim for more than 7.5 percent annual economic growth in the next three years, President Mahinda Rajapaksa told the parliament on Thursday while presenting the 2014 budget.
President Rajapaksa in his capacity as Finance and Planning Minister presented the budget for 2014 to Parliament today (Nov 21). This is the 67th budget of Sri Lanka since independence and 9th budget presented by the President.
It has a series of proposals to help uplift the socio-economic conditions of the people and the development of the country. It will specially focus on strengthening free education, health services and agriculture. It was prepared with widespread consultation with people of the country.
The government expects to reduce the budget deficit to 5.2% in 2014, to 4.5% in 2015, and to 3.8% by 2016.