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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ »  Budget 2012 - LIVE

Budget 2012 - LIVE

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21 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 6:08 pm

chamith


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
.



Last edited by chamith on Mon Nov 21, 2011 6:40 pm; edited 1 time in total

22 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 6:22 pm

mono


Vice President - Equity Analytics
Vice President - Equity Analytics
where did u get that

23 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 6:25 pm

insidertrader


Manager - Equity Analytics
Manager - Equity Analytics
@chamith wrote: Budget 2012 - LIVE - Page 2 Some-h10

This is last year's highlights. Daily Mirror's fault confusing people.

24 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 6:26 pm

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@chamith wrote: Budget 2012 - LIVE - Page 2 Some-h10

This is last year-2011 budget, Not the today one

sriranga


Co-Admin
Nov 21, 2011 (LBO) - Sri Lanka will give tax holidays between 4 to 6 years to companies investing between 50 to 300 million rupees in export and import substitution businesses, President Mahinda Rajapaksa said.

The move will allow small and medium enterprises to benefit from investment incentives, President Rajapaksa told parliament during a budget speech.
Firms in agriculture and information technology will have a 25 million rupee threshold.

For larger enterprises investors between 300 to 2.5 billion rupees a 6 to 12 year tax holiday would be given, Taxes on machinery imports for expansion will be reduced he said.
http://www.lbo.lk/fullstory.php?nid=53748401

http://sharemarket-srilanka.blogspot.co.uk/

sriranga

sriranga
Co-Admin
Nov 21, 2011 (LBO) - The Sri Lankan government is to take back 37,000 acres of unused land from regional plantations companies and distribute it to small farmers, President Mahinda Rajapaksa said.

The land is to be distributed on rent among small holders at the rate of two acres each, Rajapaksa told parliament while presenting the budget for 2012.
He said the government had done surveys of plantations and identified the land that had been lying unused since the estates were privatised in 1992 with the land leased and estate management given to regional plantations corporations.
http://www.lbo.lk/fullstory.php?nid=1687009056

http://sharemarket-srilanka.blogspot.co.uk/

27 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 6:39 pm

chamith

chamith
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I am sorry guys i didnt know. i got this from DailyMirror.

Where else can i get the info ? Is the budget reading over now ?

28 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 7:34 pm

sriranga

sriranga
Co-Admin
Sri Lanka to give tax holidays to smaller enterprises
Nov 21, 2011 (LBO) - Sri Lanka will give tax holidays between 4 to 6 years to companies investing between 50 to 300 million rupees in export and import substitution businesses, President Mahinda Rajapaksa said.

The move will allow small and medium enterprises to benefit from investment incentives, President Rajapaksa told parliament during a budget speech.
Firms in agriculture and information technology will have a 25 million rupee threshold.

For larger enterprises investors between 300 to 2.5 billion rupees a 6 to 12 year tax holiday would be given, Taxes on machinery imports for expansion will be reduced he said.


The necessary changes will be made into revenue and strategic investment laws, President Rajapaksa said.
The state will also finance new university course to help raise the standards and technology in leather, textiles and jewelry industries.

Sri Lanka raises annual 'luxury taxes' on cars
Nov 21, 2011 (LBO) - Sri Lanka has raised annual taxes on 'luxury' cars of up by between 20,000 to 50,000 rupees a year with new vehicles with engine capacity over two litres, being charged the highest rates of 150,000 rupees.

Sri Lanka's budget or 2012 said 'luxury' diesel cars over 2.5 litres engine capacity and petrol cars over 2.0 litres will be charged a 150,000 fee in the first year up from 100,000, and 100,000 in the second year up from 78,000.
For semi luxury diesel cars and jeeps with engines of 2.2 litres and petrol cars over 1.8 litres 2.2 the first year fee tax has been raised to 60,000 rupees from 50,000 in the second year to 50,000 from 39,375 rupees and in the third year to 40,000 rupees from 34,000.

For dual purpose diesel cabs over 2.2 litre engines the rate has been raised to 40,000 from 20,000 in the first year and from 15,750 to 25,000 in the second year and from 13,600 to 20,000 in the third year.


Fees for new registrations of motorcycles has been raised to 2,000 rupees from 1,500 and for three wheelers to 2,500 from 2,000 and three wheeler vans to 3,000 from 2,500 rupees.
For motor cars with engines below 1.6 litres the free has been raised to 15,000 rupees from 10,000 and for larger cars to 20,000 rupees from 20,000.

For prime movers and dual purpose vehicles the new registration fee has been raised to 15,000 rupees from 10,000 and for forklifts from 15,000 to 20,000 rupees.

http://sharemarket-srilanka.blogspot.co.uk/

29 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 7:58 pm

econ

econ
Global Moderator
@Quibit wrote:depreciation of the rupees may make exports cheaper and foreign direct investments (FDI) more attractive. Considering whats happening in the world I think its a good decision to depreciate the rupee.

it will benefit exports. but sri lankan exporters are importing most of the raw materials from abroad. thus their cost increase as well. so not much impact on exporters.
depreciation of rupee further increase the price of oil. this affect all good and service prices.

30 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 8:02 pm

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The increase in tax on corn will impact poultry farmers however BFL is growing its own maize and they should be able to reduce the impact. Also local corn production will go up and soon poultry farmers will not have to depend on imports. However the cost of local corn may be expensive like most other vegetables/cereals produced in Lanka. Must follow BFL results in the next few quarters.

The vehicle taxes not increased but instead registration fee and luxury tax increased which wont impact the owners of these cars too much. This maybe to keep the economy at fast pace and also the government loses revenue with increasing vehicle taxes. This also gives a shine to the budget. Reduction of tourist related vehicles is a good move and it is high time airport taxi's are made more safe and new vehicles added. However on should note that with the haphazard policy changes, vehicle taxes can be just increased overnight without prior warning which brings more hardship to public. It must be noted that new vehicle registrations is however stabilising after hitting high levels in June/July. Keep an eye on DIMO/UML/COLO.

Cheers!

31 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 8:03 pm

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
@econ wrote:
@Quibit wrote:depreciation of the rupees may make exports cheaper and foreign direct investments (FDI) more attractive. Considering whats happening in the world I think its a good decision to depreciate the rupee.

it will benefit exports. but sri lankan exporters are importing most of the raw materials from abroad. thus their cost increase as well. so not much impact on exporters.
depreciation of rupee further increase the price of oil. this affect all good and service prices.

i think they're giving concessions for those as well.

But i'm not sure if 3% is enough to do anything. For example the yen has gone up by around 7-8% over the last 5 months without changing much.

32 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 8:11 pm

Rapaport

Rapaport
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Devaluing the rupee is a good move to ease any currency crisis and foreign exchange reserves from depleting. Also will keep the IMF happy.

Good to know that banks have not been impacted in anyway opening the gates for them to take a major role in economic growth.

Cheers!

33 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 8:43 pm

Genting


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Depreciating rupee is really good. Rupee has been stuck around 110 -120 almost 5 years.
True, due to that inflation has been controlled. However exports have been adversely effected due to this all this time.

The question is "is 3% enough?"

34 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 8:53 pm

sriranga

sriranga
Co-Admin
To read full Budget 2012 Speech, please find the link below.

http://www.treasury.gov.lk/depts/fpd/budgetspeech/2012/bgtspeech2012-eng.pdf

http://sharemarket-srilanka.blogspot.co.uk/

35 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 9:10 pm

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
@Genting wrote:Depreciating rupee is really good. Rupee has been stuck around 110 -120 almost 5 years.
True, due to that inflation has been controlled. However exports have been adversely effected due to this all this time.

The question is "is 3% enough?"

that's what i feel like myself. Given the elasticity of both supply & demand around commodities these days & general volatility 3% seems way too little.

36 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 9:24 pm

Monster

Monster
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@sriranga wrote:To read full Budget 2012 Speech, please find the link below.

http://www.treasury.gov.lk/depts/fpd/budgetspeech/2012/bgtspeech2012-eng.pdf

"It is proposed that import duties on tyres used for buses and lorries will be reduced by 50 percent."

Duty reduction on tyre imports would hit local tyre manufactures.

37 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 9:39 pm

Academic


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@econ wrote:depreciation of rupee further increase the price of oil. this affect all good and service prices.
Gov did last fuel price increase when oil price in the world market was declining in response to expected global economic slow down. So IMHO gov may not go for another price increase as they did the adjustment for rupee depreciation in advance.

38 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 9:47 pm

Kumar

Kumar
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Academic wrote:
@econ wrote:depreciation of rupee further increase the price of oil. this affect all good and service prices.
Gov did last fuel price increase when oil price in the world market was declining in response to expected global economic slow down. So IMHO gov may not go for another price increase as they did the adjustment for rupee depreciation in advance.

Please read this
http://forum.srilankaequity.com/t12037-fuel-price-increase#80083

39 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 10:02 pm

Academic


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Kumar wrote:
@Academic wrote:
@econ wrote:depreciation of rupee further increase the price of oil. this affect all good and service prices.
Gov did last fuel price increase when oil price in the world market was declining in response to expected global economic slow down. So IMHO gov may not go for another price increase as they did the adjustment for rupee depreciation in advance.

Please read this
http://forum.srilankaequity.com/t12037-fuel-price-increase#80083

Yes. You correctly predicted it.

40 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 11:50 pm

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics
@godswen wrote:
@sriranga wrote:

RUPEE DEVALUATION

"We need to reduce the import cost and increase export revenue. When our currency has strengthened, our trading partners' currencies have depreciated. So I propose to devalue the currency by 3 percent with effect from today."

What is the effect of rupee devaluation to the economy? And is it the best move? Please enlighten me?


CSE stocks in Sri Lankan Rupees.

41 Budget 2012 - LIVE - Page 2 Empty Re: Budget 2012 - LIVE Mon Nov 21, 2011 11:53 pm

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics
@sriranga wrote:Nov 21, 2011 (LBO) - Buses imported for tourism will be freed from value added tax and duties on vehicles imported for airport taxi services will be halved, President Mahinda Rajapaksa told parliament.

Presenting the 2012 budget, Rajapaksa said airport taxi owners could use the facility to replace their old vehicles.
However the taxis will have to conform to standards set by the airport authority.
http://www.lbo.lk/fullstory.php?nid=1704404560

good for tourist industry.

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