Friday, November 17, 2006

Sri Lanka Budget at a glance

Agricultural resurgence (Krushi Navodaya) - a comprehensive package of credit and tax rebates for machinery, equipment and extension services for agriculture. Rs.2 billion each year over the next three years earmarked for this project.

l Electricity generation and distribution exempt from VAT.

l Heavy fuel oil and furnace oil exempted from VAT.

l Normal passport fee reduced to Rs.2,500.

l Dual citizenship fee reduced to Rs.200,000 per family.

l Nominal visa fee of US$ 10 for visa on arrival

l Duty and VAT exempted for replacement of buses by operators who already have a route permit

l VAT rate on supply of jewellery to be reduced to 5 per cent.

l VAT reduced to 5 per cent on high-tech medical equipment

l Excise duty hike carbonated drinks

l Excise duty to be imposed on paints

l Housing loans of 5,000 low income householders to be written off

l VAT exemption for cinema equipment and tax holidays for ultra-modern cinemas

l Rs.13,295 million to be allocated under the SME sector at concessionary rates of interest for a variety of SME enterprises.

l A tax-free threshold of Rs.600,000 for medium scale partnerships.

l Tax relief for employee shares

l Cost of living allowance increase for Government servants, pensioners

l More jobs for graduates

l Closed factories to be re-opened with the creation of 10,000 jobs

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