Sri Lanka budget 2017

Sri Lanka budget 2017 

MINISTER OF FINANCE RAVI KARUNANAYAKE DELIVERS BUDGET PROPOSALS FOR 2017

Delivering the budget speech, the Finance Minister said the budget for next year themed "Accelerating Growth with Social Inclusion" will not only provide relief for the people of Sri Lanka but also pave the way for sustainable growth.

2017 Budget highlights:

• Price of 400 g locally produced milk power will be maintained at Rs. 295 and 425 g locally produced Canned fish at Rs. 125

• Five Kg of rice per month will be distributed to each Samurdhi recipient

• Tolls on the expressways will be reduced by Rs. 50, between 9 pm to 5 am every day.

• Lak Sathosa retail outlet network will be expanded by establishing 100 new outlets island wide infusing Rs. 5 million per outlet

• Osu Sala franchise will be given Rs. 2,500 per month per outlet to 1,000 outlets.

• Telecommunication Levy on internet services will be increased to 25 percent.

• SIM Card Activation Levy (SCAL) of Rs. 200 per SIM will be charged.

• Duty on imported ethanol will be introduced at Rs. 25 per liter for imported non-potable liquor

• Excise (Special Provisions) Duty will be introduced on the importation of beer can at the rate of Rs.10 per can of not more than 325 milliliter and Rs. 15 per can of more than 325 milliliter.

• Custom Duty (CD) on the importation of powdered milk will be reduced to Rs.100 per kilogram and will be increased from Rs.500 to Rs.800 per liter on the importation of potable alcohol.

• The corporate income tax rate is proposed to be revised to create a three tier structure of 14 percent, 28 percent and 40 percent

• Full interest subsidy for loans of Rs.1.5 million to at least 1,000 graduates of state universities will be provided to encourage their engagement in business startups

• Domestic cylinder of LP gas (12.5kg) to be reduced by Rs 25 for cylinder (no VAT on LP gas) and kerosene to be reduced by Rs 10 per liter.

• The construction of 50,000 houses in Northern and Eastern Provinces and a 50% interest subsidy loan scheme up to Rs.200,000 for 100,000 houses will be provided