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Update%3A+Video%3A+++100%25+surcharge+on+imported+gold+removed.+Budget-2014
Thursday, 21 November 2013 - 7:58
Update: Video: 100% surcharge on imported gold removed. Budget-2014
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The government has removed the 100 percent surcharge on gold import with immediate effect.

 

However the Cess on imports has been revised intending to encourage the local manufacturing sector.

 

Besides existing special commercial good tax, Vat and National Building Levy have been added to certain goods.

 

A consultant of the KPMG Tax Consulting firm Suresh Perera said that prices of these particular goods could go up consequent to the new tax.

UPDATE : Friday, 22 November 2013 - 7:41 PM
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Customs duty amendments effective from today.

The amendments for customs duty relief put forward in the budget will be effective from today.

Through these amendments, Information Technology and Business Process Outsourcing have been freed from customs duties.

Accordingly IT related printing equipment and video cyber cables too are freed from tax.

Energy-saving solar security discs too have been rid of tax.

While customs duty on tea industry equipment  and tractors has been amended, this amendment will also cover steel and cement.

It is stated in the budget this time that customs duty on Aayurvedic product industries too are subjected to amendment.

While tax on frozen fish bait connected to fishing industry will be amended from today, sweetener tax  relevant to short-eat industry too will be amended.

The customs duty for coco seeds that has been amended too will be implemented from today.

Import tax on gold and diesel hybrid motor vehicles too has been amended.

The budget says that relevant customs duty on boat production industry too will be amended.

President Mahinda Rajapaksa yesterday presented a people - friendly Budget 2014 that is formulated with a view to accelerating economic growth to 7.5 or 8 percent.

This would help address the emerging aspirations and goals of particularly the country's low and middle income people in rural as well as urban areas at a time when Sri Lanka has reached a unique crossroads, emerging as a strong middle income economy in the Asian region.

A proposal to increase the cost of living allowance given to state employees by 1200 rupees from the 1st of January was also presented during the 2014 budget by President Mahinda Rajapakse.

In addition a proposal to increase the cost of living allowance for pensioners by 350 rupees and to increase the cost of living allowance for those who retired prior to 2006 by 500 rupees was also presented.

The President also announced that Judges Personnel expenses allowance will be increased by 8%.

Another proposal presented during the 2014 budget is to provide female entrepreneurs with interest free loans for up to 250 thousand rupees.

 Update :  Friday, 22 November 2013 - 8:20
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1,200 rupees increment in Cost of Living for Government workers Fertilizer subsidy to continue - Pension for farmers.Interest-free loan for women entrepreneurs



A proposal to increase the cost of living allowance given to state employees by 1200 rupees from the 1st of January was also presented during the 2014 budget by President Mahinda Rajapakse.

In addition a proposal to increase the cost of living allowance for pensioners by 350 rupees and to increase the cost of living allowance for those who retired prior to 2006 by 500 rupees was also presented.

The President also announced that Judges Personnel expenses allowance will be increased by 8%.

During his budget speech President Mahinda Rajapakse also stated that a proposal will be presented to initiate a pension scheme for farmers over 63 years of age from the 1st of January in 2014.

Hence farmers over 63 will be subject to a pension with a minimum amount of 1200 rupees.

Another proposal presented during the 2014 budget is to provide female entrepreneurs with interest free loans for up to 250 thousand rupees.

President Mahinda Rajapakse also proposed to increase the uniform concession for supplementary nurses and paramedics from 500 rupees to 1500 rupees during his budget speech today.        

In addition increasing the monthly telephone allowance of supplementary nurses and paramedics by 250 rupees was also proposed during the budget.



























Thursday, 21 November 2013 - 7:21 PM

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National Building Levy extended to Bank and Financial Sector

 

 

During his budget speech the President also stated that the Nation Building Tax of 2% will be extended to banks and financial institutions as well.

 

Speaking further President Mahinda Rajapakse also stated that no state institution will be privatized.

 

During his budget speech President Mahinda Rajapakse stated that the budget deficit will be reduced from 5.8% to 5.2% in 2014, 4.5% in 2015 and is expected to reduce to 3.8% in 2016 and state debt will be reduced to 65%.

 

President Rajapakse who stated that poverty has reduced also stated regarding bringing economic development higher than inflation.

 

Allocations were set aside for Sri Lankan Airlines, Mihin Lanka and the Sri Lanka Transport Board.


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Allowance for Pensioners' increased


While presenting the budget speech for 2014, President Mahinda Rajapaksa said that 500 rupees will be increased for Government servants retired before 2006, and 350 rupees will be given to others who retired after 2006.

Thursday, 21 November 2013 - 3:31 PM

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Cost of Living Allowance for Government workers increased

While presenting the budget speech for 2014, President Mahinda Rajapaksa said that the Cost of Living Allowance for Government employees will be increased by 1,200 rupees from January 2014.

Thursday, 21 November 2013 - 3:28 PM

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Allowance for lecturers to be increased

A proposal to increase the educational allowance of university lecturers by 5% have been presented during the 2014 budget by President Mahinda Rajapakse.

 

In addition another proposal to increase the funding provided to Buddhist monks studying in pirivenas by 15 rupees per day and for lay students studying in pirivenas by 5 rupees per day.



Thursday, 21 November 2013 - 2:51 PM

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Telephone and uniform concessions for supplementary nurses and paramedics


President Mahinda Rajapakse proposed to increase the uniform concession for supplementary nurses and paramedics from 500 rupees to 1500 rupees during his budget speech today.

 

President Rajapakse also proposed to increase their monthly telephone allowance by 250 rupees.


Thursday, 21 November 2013 - 2:42 PM

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Concessions for entrepreneurs earning less than 50,000 rupees annually.

A proposal to abolish the local government tax for entrepreneurs who are earning less than 50,000 rupees annually was presented during the 2014 budget.

Thursday, 21 November 2013 - 2:28 PM

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Budget proposal to improve transportation in rural areas.

President Mahinda Rajapakse stated that a special program will be initiated to improve transportation in rural areas during his budget speech.

 

Elaborating further he stated that 300 million rupees will be set aside to deploy 500,000 buses in rural areas and steps will be taken to improve roads in these areas as well.

 
Thursday, 21 November 2013 - 2:26 PM
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Furniture transportation license abolished.

A proposal has been presented to abolish the furniture transportation license during the 2014 budget.


Thursday, 21 November 2013 - 2:25 PM
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Female entrepreneurs to be given interest free loans up to 250,000 rupees

 

A proposal to provide female entrepreneurs with interest free loans up to 250,000 rupees was presented during the budget today.

President Rajapakse stated that the age limit to apply for these loans have increased up to 68 and for those who have passed 68 years of age can obtain a loan by naming a family member during the application process.

Thursday, 21 November 2013 - 2:22 PM

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Veterinary officers to be given a 7500 rupee monthly allowance.

During his budget speech in parliament President Mahinda Rajapakse stated that a 7500 rupee monthly allowance will be provided for veterinary officers.


President Rajapakse also stated that more new officers will be recruited to improve the live stock industry.


Thursday, 21 November 2013 - 2:21 PM

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Pensions for farmers over 63.


During his budget speech President Mahinda Rajapakse stated that a proposal will be presented to initiate a pension scheme for farmers over 63 years of age from the 1st of January in 2014.


Hence farmers over 63 will be subject to a pension with a minimum amount of 1200 rupees.


Thursday, 21 November 2013 - 2:03 PM
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Fertilizer subsidy to continue.

President Mahinda Rajapaske states that the fertilizer subsidy will be continued during his budget speech today.

 

Elaborating further President Rajapakse stated that plans have been made to provide the 350 rupee fertilizer subsidy during both the Yala and Maha seasons.


Thursday, 21 November 2013 - 1:59 PM
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NBT to be extended to finance institutions.

President Mahinda Rajapakse stated that the 2% Nation Building Tax will be extended to finance institutions during his budget speech today in Parliament.

Thursday, 21 November 2013 - 1:56 PM

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Budget deficit to be reduced to 5.2% in 2014.

During his budget speech President Mahinda Rajapakse stated that the budget deficit will be reduced from 5.8% to 5.2% in 2014, 4.5% in 2015 and is expected to reduce to 3.8% in 2016.

Update : Thursday, 21 November 2013 - 1:45 PM
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 2014 Budget Speech Commences.


President Mahinda Rajapaksa commenced his 2014 budget speech in the parliament a short while ago.



Thursday, 21 November 2013 - 1:15 PM
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The Cabinet approves the budget for 2014.

Cabinet approval was granted to the budget 2014 which is scheduled to be presented in parliament this afternoon.

 

A senior minister told our news team that the Cabinet met this morning and approved the budget for 2014.

 

Today’s budget will be the 68th budget presented to parliament after Independence, and it will be the 9th budget speech presented in parliament after President Mahinda Rajapaksa took office.

 

The Appropriation Bill which announced the average government expenditure was presented in parliament on the 22nd of last month.

 

Accordingly, the total government expenditure is 1,542 billion rupees and the highest allocation was for the Urban Development and National Security Ministry and that is nearly 254 billion rupees.

 

The expenditure of the President is nearly 8.5 billion rupees.

 

Nearly another 46.5 billion rupees have been allocated for education while nearly 17.7 billion rupees was given for health sector.

 

According to the Appropriation Bill for 2014, the loans that have to be obtained to meet the total government expenditure will be over 1,100 billion rupees.

 

President Mahinda Rajapaksa, in his capacity as the Finance Minister will inform the parliament this afternoon, how his government is going to earn revenue to meet the government expenditure for 2014.   

 

Hiru TV will telecast live the budget speech presented in parliament by the President from 1pm this afternoon. Arrangement have also been made to present the budget speech live on Hiru News website www.hirunews.lk

Thursday, 21 November 2013 - 1:01 PM
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Next year's budget proposals to Parliament today.

President Mahinda Rajapaksa is scheduled to present the 2014 budget in parliament at 1.30 this afternoon.

 

This is the eighth budget President Mahinda Rajapaksa presents after assuming duties as Finance and Planning Minister.

 

While the President carried out the final review of the budget document this time day-before-yesterday afternoon, Finance Ministry Secretary Dr. P. B. Jayasundara also participated in it.

 

According to Finance Ministry sources, Budget 2014 will be looking at bringing down the deficit to 5.2 percent from 6.5 percent of the Gross Domestic Product.

 

It is specially significant that the country has achieved an eight percent economic growth rate two years in a row for the first time.

 

Sources said that Budget 2014 would be development oriented and SME friendly and would take the country another step closer to its coveted goal of being the ‘Wonder of Asia’.

 

The debate on the second reading of the Budget will commence the following day and continue until November 29th.

 

The Committee Stage debate of the Appropriation Bill will continue until December 20th.

 

The final vote on the Budget will be taken on December 20th.


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