Budget 2018 highlights | Daily News

Budget 2018 highlights

-Rs. 25 million allocated to establish a Virtual Blue-Green institute.

-The government will bear 50% of the cost of Multi Day trawlers longer than 55ft to encourage deep sea fishing.

- The Meteorology Department will be modernised.

-New insurance will be introduced for six crops including paddy; Rs. 40,000 per acre.

- Rs. 500 million allocated to offer loans under ‘Entrepreneurs Sri Lanka’ programme.

-Strong anti-dumping and countervailing laws to support local industries.

- Government will remove upto 1800 para tariffs in 2018.

- Loans for SME industries, without guarantors.

- Rs. 10,000 million allocated to establish a EXIM bank specially to provide long term loans to small and medium enterprises.

- Rs 800 million for Export Market Access Programme to be introduced for companies with less than 10 Million dollars in earnings and for potential new entrants to the export market.

-Restrictions on foreign ownership of shipping and freight forwarding agencies will be lifted

- Rs 250 million will be allocated to support tea smallholders

-All tourism service providers to register with the Sri Lanka Tourism Board to bring the informal sector under the broader tax net.

-VAT refund scheme for foreign passport holders at airports and seaports from May 1, 2018.

-New Production Tax to discourage polythene and plastic production

-Rs 3 billion to accelerate Aruwakkalu waste management programme.

-Registrar of Companies Department to implement one stop shop for company registration.

- Three Wheeler Regulatory Authority to be established under Transport Ministry.Tourist Board Approved Tuk Tuks and a programme to train tuk drivers as tourist guides.

-Meters will be made compulsory for three wheelers.

-Restrictions that limit land ownership rights of listed companies with foreign owners to be removed.

-High-end technical colleges will be established with the assistance of Germany and Switzerland

-Subjects such as genetics, robotics and nano technology to be introduced to school curriculum to prepare students for jobs of the future.

- Rs 1.25 billion allocated to establish Medical Faculties and develop medical education at Wayamba, Sabaragamuwa and Moratuwa Universities.

-Monthly payment of Rs. 3,500 to students in National Colleges of Education (VidyaPeeta) will be increased to Rs. 5,000.

-Rs 750 mn allocated to empower smart classrooms project.

-Mahapola Scholarships for another 3,000 students

-A new Health insurance scheme to be introduced for University Students

-Rs 5000 billion to expand IT and engineering.

-Single window for New Business Registrations proposed.

-NBT Tax to be imposed on liquor from April 1, 2018.

-A production tax of 50 cent per gram of sugar will be imposed on sweetened beverages from midnight yesterday.

-Rs. 325 billion has been allocated for country’s youth.

- Three kidney treatment centers will be established in Polonnaruwa, Anuradhapura and Jaffna.

- Rs. 2,000 million allocated to construct 25,000 housing units for those in line houses

- Rs 3000 million allocated to build houses to resettle those affected in the conflict.

- Rs. 500 million allocated to establish University on Policing and Criminology.

-Pre-paid electronic card system to SLTB and private buses.

-Govt. will divest holdings in non-strategic interests.

-Rs 25 million allocated for Special Court to be established to prevent delays and address large backlog of financial and organised crime cases in the judicial system.

-Rs. 10,000 million allocated to provide infrastructure facilities to construct expressways.

-Rs. 17,000 million allocated to develop Kandy, Anuradhapura,Galle and Jaffna.

-A common system to pay salaries of public servants.

-State Sector to be digitised to increase productivity.

-An emergency and health insurance cover to be introduced for all artistes.

- Retirees after 2016 will get ‘Agrahara’ cover throughout their life time and Rs 50 m allocated.

-Rs 1 billion to provide grants and low interest loan schemes to those trapped in debt in North and East.

-0.2% tax on bank transactions to be utilised to repay debt.

-25 cent levy on SMS advertising.

-Licences to be issued to import cigarette.

-Temporary tax of 20 cents per 1,000 rupees will be imposed from April 1, 2018 on all banking transactions as a loan repayment tax for the next three years. 


 

There are 2 Comments

GREAT......................JUST GREAT

Imposing a tax on sugar to reduce the use of sugar and control diabetes and issuing license to import cigarettes and reconstructing tax on alcoholic beverages to reduce prices of them? Gindara Mangala bro! Logic shot to hell!

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