Full Budget Speech and Fiscal Management Report 2016
Posted on November 20th, 2015

The Full Budget Speech 2016 delivered by Minister of Finance  Ravi Karunanayake in Parliament on Friday (20th Nov) and the Fiscal Management Report 2016.

Corporate tax reduced up to 15%
Tobacco companies and casinos revenue taxes to be increased by 25%
Several taxes including shares transaction tax, tourism tax and luxury and semi luxury vehicle tax to be removed
Rs.500 million funds for Bribery Commission operations
Prices of 11 essential commodities reduced
Mattala Airport to be converted into a transfer terminal for Air cargo
Every student to complete A/L education or receive vocational training after O/L to be made compulsory. Student number per class to be limited to 35
PAYE tax threshold increased from Rs. 750,000 to 2.4 mn a year
400 g powdered milk price reduced to Rs. 195
Duty free vehicle permit scheme abolished, including that for MPs
 Mahapola University to be set up in Malabe
Budget deficit stands at Rs. 740 billion
Interest free three-year loan for undergrads to buy laptops
Additional Rs. 10,000 Mn for Pubudamu Polonnaruwa Project
A lump sum payment per person of Rs. 250,000 to July strikers
Rs. 1 million insurance scheme for fishermen
100,000 houses to be built in five years for slum dwellers
EPF, ETF amalgamation only with the consent of workers, TUs
Wholesale and retail trade to be exempted from VAT

One Response to “Full Budget Speech and Fiscal Management Report 2016”

  1. Lorenzo Says:

    The few dot points are GOOD. We have to read the full budget to know.

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