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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