President Ranil Wickremesinghe tabling the 2022 Interim Budget Appropriation Bill in Parliament today (30) said he expects Sri Lanka to become a developed nation by 2048.
The bill proposes the provision of many reliefs and several proposals related to increasing state revenues including tax revenues are also included in the list.
- The state revenue will be increased from 8.2 per cent of the gross domestic product (GDP) in 2021 to 15 per cent by 2025.
- The value added tax (VAT) will be increased from 12 per cent to 15 per cent from October 01, 2022.
- Many tax proposals introduced in the last period will be enforced from October 01, 2022.
- All persons above the age of 18 must register with the Inland Revenue Department.
- The retirement age of government and semi-government officials will be reduced to 60 years. Government employees above 60 years of age who are currently in service should retire on December 31, 2022.
- In future, fossil fuel-driven vehicles shall not be purchased for public service and only electronic vehicles will be purchased.
- A few selected local councils with minimum incomes will be attached to the nearest urban council or municipal council.
- Proposal to establish a branch of Kotalawala Defence University in Kurunegala
- Rs. 680 million in default of payment to state banks (excluding interest) will be cut off.
- A subsidy of Rs. 10,000 per month for 61,000 families entitled to subsidisation.
- An additional allowance of Rs. 2500 for pregnant women.
- 20 per cent of the total shareholding of Bank of Ceylon and People’s Bank will be entitled to depositors and employees.
MIAP
