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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Budget 2013

Budget 2013

+17
Light of Hope
hawklk
Whitebull
smallville
VISA
FALCON
sanju351
Arena
Hanoifortune
Slstock
stinau.shalf
opfdo
wikum100
zenobia
Redbulls
Kithsiri
sriranga
21 posters

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1Budget 2013 Empty Budget 2013 Thu Nov 08, 2012 2:38 pm

sriranga

sriranga
Co-Admin

* Airport tax and online visa taxwill be increased by 10% and 5 % respectively.

* Cost of Living allowance for pensioners will be increased by Rs.500/-.

* Monthly allowance of minimum Rs 1500 will be paid to every public servant, of which Rs 750 will be paid as CoL allowance.

* A National Wage Policy is to be formed by a new wage commission.

* All persons above 65 years of age and have no permanent livelihood will receive a grant of Rs. 5000. Rs 300 million is to be allocated for this

* Tax on foreing liquor to be increased by 25%

* Revenue license fees charged for motor vehicles to be cinreased by 10-20%.

* President proposes to impose the nation building tax to supermarkets and high end businesses that have a revenue exceeding Rs 500 million per quarter.

* Government is planning to reduce the number of house maids and increase the number of skilled workers sent for foreign employment.

* Foreign employees who intend to build houses will receive a loan of Rs. 250,000 at an interest rate of 10 %.

* Rs 200 million is to be allocated for the well being of journalists and artistes.

* Rs 300 million is to be allocated for the ICT sector and the number of Nena Sala centers are to be increased.

* Allocations for the education sector has been increased by 15% and University lecturers' professional integrity will be improved and preserved, says President.

* Rs 306 billion is to be allocated to the education sector which will amount to 4.1% of the Gross Domestic Prodcution ( GDP).

* Differently abled people should gain equal access to public buildings and facilites should be given for them to operate tellar machines, says President.

* Rs.125 billion is to be allocated to improve health services in the country.

* Allocations to improve urban housing is to be increased by Rs 750 million.

* Direct contribution from the local contruction companies to foreign investments should be encouraged, says President.

* Permits are to be given to tap coconut trees to prodcue jaggery and other prodcuts.

* One litre of fresh milk is to be purchased at Rs 50 and higher taxes are to be maintained for imported milk powder.

* Rs. 2000 million is to be allocated to develop fishing harbours.

* Subsidies given to small tea holders for one hectacre is to be increased from Rs 300,000 to Rs. 350,000

* President says that subsidies given for plantation companies will only be granted for those companies which have improved the living standards of estate workers and for those who maintain the quality of their products.

* $ 5000 million is expected from the apparel sector as revenue.

* Rs. 60 million is to be allocated for the 2013 Deyata Kirula exhibition which will be held in the Polonnaruwa, Ampara and Trincomalee districts.

* Taxes are to be reduced for vehicles that are used for racing.

* Selling lands to foreigners for tourism purposes is to be banned.

* President proposes decreased taxes for all private investments.

* One Kg of rice is to be purchased at a rate between Rs 32-35 and Rs 40 for those farmers who use organic fertilizer.

* A 50 Kg fertilizer bag is proposed to be given at a rate of Rs 400.

* President proposes that Rs 1000 million should be allocated for the Ranaviru Seva Authority



Last edited by sriranga on Thu Nov 08, 2012 4:15 pm; edited 5 times in total

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

2Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 2:42 pm

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

scratch confused Sleep affraid

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Nov 08, 2012 (LBO) - Sri Lankan banks will be asked to pay one percent of their profits to a national insurance fund to help farmers from next year, the island's president Mahinda Rajapaksa said.

Rajapaksa, who is also finance minister, said farmers who get a fertiliser subsidy will also be asked to contribute to the fund.

Financial sector companies will have to pay one percent of their profits to the National Insurance Fund from next year, he said while presenting the government's budget for 2013 to parliament Thursday.

Farmers will also be made members of a government insurance scheme and pay 150 rupees to the fund for every 50 kilo of subsidised fertiliser they get.

Rajapaksa said the government will allocate a billion rupees to help farmers hit by sereve drought this year.

He also announced a moratorium on loan repayments for drought-hit farmers till the next main 'Maha' rice harvest.

Interest on the loans will be waived he said. One billion rupees will be allocated for the purpose.
http://lbo.lk/fullstory.php?nid=1292109704

4Budget 2013 Empty Budget speech - English Thu Nov 08, 2012 2:49 pm

zenobia


Manager - Equity Analytics
Manager - Equity Analytics

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

5Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 3:04 pm

wikum100


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

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

this is 2012 budget

6Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 3:11 pm

opfdo

opfdo
Vice President - Equity Analytics
Vice President - Equity Analytics

thanks. I am hoping more from you

sriranga wrote:* Permits are to be given to tap coconut trees to prodcue jaggery and other prodcuts.

* One litre of fresh milk is to be purchased at Rs 50 and higher taxes are to be maintained for imported milk powder.

* Rs. 2000 million is to be allocated to develop fishing harbours.

* Subsidies given to small tea holders for one hectacre is to be increased from Rs 300,000 to Rs. 350,000

* President says that subsidies given for plantation companies will only be granted for those companies which have improved the living standards of estate workers and for those who maintain the quality of their products.

* $ 5000 million is expected from the apparel sector as revenue.

* Rs. 60 million is to be allocated for the 2013 Deyata Kirula exhibition which will be held in the Polonnaruwa, Ampara and Trincomalee districts.

* Taxes are to be reduced for vehicles that are used for racing.

* Selling lands to foreigners for tourism purposes is to be banned.

* President proposes decreased taxes for all private investments.

* One Kg of rice is to be purchased at a rate between Rs 32-35 and Rs 40 for those farmers who use organic fertilizer.

* A 50 Kg fertilizer bag is proposed to be given at a rate of Rs 400.

* President proposes that Rs 1000 million should be allocated for the Ranaviru Seva Authority

7Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 3:13 pm

opfdo

opfdo
Vice President - Equity Analytics
Vice President - Equity Analytics

Smile why ? still more to come

Kithsiri wrote: scratch confused Sleep affraid

8Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 3:27 pm

stinau.shalf


Stock Trader

sriranga wrote:
* Selling lands to foreigners for tourism purposes is to be banned.

In all cases?
Effective from when on?

9Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 3:31 pm

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

stinau.shalf wrote:
sriranga wrote:
* Selling lands to foreigners for tourism purposes is to be banned.

In all cases?
Effective from when on?

Believe from 2013. They have to be leased not sold.

10Budget 2013 Empty Sri Lanka halves tax on broadband Thu Nov 08, 2012 3:51 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Nov 08, 2012 (LBO) - Sri Lanka will halve taxes on high-speed broadband services to 10 percent to make the service cheaper in an effort to develop the island's budding information communications technology industry, President Mahinda Rajapaksa said.

Income tax on the ICT sector will be kept at a maximum 16 percent, Rajapaksa, who is also finance minister, told parliament, while presenting the government budget for 2013.

The island's business process outsourcing firms and foreign investors in the sector have complained the high cost of broadband services was hindering expansion.

The sector has annual export earnings of around 400 million US dollars which the government aims to increase to a billion dollars in the next few years and generate 150,000 jobs, he said.

The government has identified the ICT sector, especially business process outsourcing, as one that has potential to increase foreign exchange earnings and generate more employment.
http://lbo.lk/fullstory.php?nid=731469103

11Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 4:00 pm

stinau.shalf


Stock Trader

So not with immediate effect? (thought that this is the case with the proposals)

12Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 4:12 pm

Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

[quote="sriranga"]*

* Foreign employees who intend to build houses will receive a loan of Rs. 250,000 at an interest rate of 10 %.

No, thank you!
I can get loans of 4 times of my salary with out any interest here,Just have to pay bank admin fee only.


13Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 4:22 pm

opfdo

opfdo
Vice President - Equity Analytics
Vice President - Equity Analytics

can you tell us what is the bank ? bounce

[quote="Hanoifortune"]
sriranga wrote:*

* Foreign employees who intend to build houses will receive a loan of Rs. 250,000 at an interest rate of 10 %.

No, thank you!
I can get loans of 4 times of my salary with out any interest here,Just have to pay bank admin fee only.


14Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 4:44 pm

Arena


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

Here also almost all the reputed companies giving int. Free loans for their loyal employees.

15Budget 2013 Empty Corrections Thu Nov 08, 2012 4:54 pm

sanju351

sanju351
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

All persons above 65 years of age and have no permanent livelihood will receive a grant of Rs. 5000. Rs 300 million is to be allocated for this

Not for all only for the 83 July strikers ..

* Permits are to be given to tap coconut trees to prodcue jaggery and other prodcuts.
No need of Permits any more at present Permits are a must ..

There were some tax holidays give for Hotel sec ...I can not remeber exactly ..those who are going to Build new Hotels will get the benifits ...[/b][b]

16Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 5:13 pm

Kithsiri

Kithsiri
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

What a disappointment !
More relief to Car racing.
The urgent need of the hour.
You cannot build a Garden shed even with Rs 250,000 let alone a roof above your head. Shocked

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Nov 08, 2012 (LBO) - Sri Lanka has extended value added tax to the retail trade starting with supermarkets with a turnover above 500 million rupees a quarter, President Mahinda Rajapaksa said presenting a budget for 2012.

A so-called non recoverable nation building tax will also be charged from supermarkets.

Sri Lanka's heavy interventionism has severely undermined the value added tax regime with exemptions to many sectors and multiple rates.

Value added tax is expected to be a neutral simple tax with minimal exemptions and exports to be zero rated so that citizens only pay a part (usually about 20 percent) of the value added to the state finally.

There have also been high profile value added tax frauds involving claims based on inflated export values.

But Sri Lanka's inland revenue office had started co-ordinating with customs authorities to assess import volumes match reported exports. A so-called SVAT scheme has also been started to give credit for tax paid at the point of import.
http://lbo.lk/fullstory.php?nid=1799539381

18Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 5:42 pm

FALCON

FALCON
Senior Equity Analytic
Senior Equity Analytic

RACING CAR BUDGET

19Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 5:55 pm

VISA


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Airport tax and online visa tax will be increased by 10% and 5 % respectively.

this is not 10% and 5% this is USD 10 and USD 5 respectively.

Now you can download budget speech at

http://www.treasury.gov.lk/

sanju351

sanju351
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Tax on Interest earn by stock market investments to be eased ...
lol! lol! lol!

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

By The Nation

Sri Lanka's President Mahinda Rajapakse on Thursday increased import taxes in an annual budget which allocated a record $2.2 billion for defence, three years after ending a war with Tamil rebels.

Rajapakse, who also holds the defence and finance portfolios, told parliament the country had suffered the effects of a global economic downturn as it emerged from nearly four decades of ethnic bloodshed.

"The economic crisis in the US and Europe, the political uncertainties in the Middle East and the slower growth in China and India have adversely affected us," Rajapakse said.

"In an uncertain world, we have managed to maintain a 6.8 percent economic growth this year."

Expansion was 8.0 percent in the first two full years after the military crushed Tiger rebels in May 2009.

Rajapakse said a trade deficit of $10 billion last year was too high and announced tax incentives for local manufacturers. Customs duties on cars and luxury goods were raised to discourage imports.

The figures showed the government allocating $2.2 billion for the Ministry of Defence and Urban Development in 2013, compared to estimated spending of $1.77 billion this year.

The government has maintained that it needs to boost the defence budget to pay for weapons bought with loans during the fight against the rebels.

Revised estimates put overall government spending next year at $13.73 billion, up from $11.8 billion in 2012.

But official figures showed the budget deficit narrowing to 5.8 percent of GDP in 2013, down from 6.2 percent of GDP in 2012.

Rajapakse also announced several populist measures, including a ban on the sale of land to foreigners whose purchases have raised local prices.

He offered free school uniforms and shoes to children in rural areas of the country of 20 million people and lifted all taxes on racing cars, saying it would encourage the development of motor sports in the country. AFP
http://www.nation.lk/edition/breaking-news/item/12278-sri-lanka-raises-taxes-to-boost-defence-spending.html

22Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 6:42 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics


* Taxes are to be reduced for vehicles that are used for racing.


This is indeed a must.. What we now need is car racing as the development of the country is almost at par..

The roads in galle-face and surroundings to be closed and racing to be encouraged at all cost;

Why?

1) Then we have a chance to waste so much of fuel and our fuel bills are also going up and we pay foreigners a hefty amt for this.
2) There could be ppl who think a country's development is reflected by the expensive cars it has and the race tracks it can make..

Wow what a wisdom? Who actually gives these kind of ideas to the govt.?

Twisted Evil Twisted Evil

23Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 7:11 pm

Whitebull


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

smallville wrote:

* Taxes are to be reduced for vehicles that are used for racing.


This is indeed a must.. What we now need is car racing as the development of the country is almost at par..

The roads in galle-face and surroundings to be closed and racing to be encouraged at all cost;

Why?

1) Then we have a chance to waste so much of fuel and our fuel bills are also going up and we pay foreigners a hefty amt for this.
2) There could be ppl who think a country's development is reflected by the expensive cars it has and the race tracks it can make..

Wow what a wisdom? Who actually gives these kind of ideas to the govt.?

Twisted Evil Twisted Evil

Other question is why government is foolish enough to accept these kind of ideas ?

24Budget 2013 Empty Re: Budget 2013 Thu Nov 08, 2012 7:25 pm

hawklk


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Car racing is to the benefit of Carlton Sports Network....the obvious owner....

25Budget 2013 Empty A budget for the super-rich - UNP Thu Nov 08, 2012 7:35 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

The main opposition UNP said today the budget was meant for the country’s super-rich and contained no relief to the ordinary people as evident by the exemption of taxes on sports cars and the permission granted to transfer funds deposited in foreign banks.

UNP MP and economist Harsha De Silva told the Daily Mirror that 99% of the population had been left in the lurch.

“It was presented by 1% of the country to the 0.1% of the country’s population. Who wants racing cars being imported to this country? Is that one of the issues that the people want addressed? The budget catered to the super rich. In fact it even allows the bringing down of deposits from foreign countries which I believe is to be invested in the stock market,” Dr. De Silva said.

“The rest of the country is left in the lurch. The farmers, fishermen and the hardworking people of the country have received no benefit at all. When they asked for a salary hike the government provides an exemption on taxes for racing cars,” he said

UNP MP Sujeewa Senasinghe said the budget was complete eyewash and contained no material benefit for the people except that it had permitted the free flow of black money and the import of racing cars for the elite.

“The only material benefit of the budget is bringing down racing cars such as Aston Martins, Lamborghinis and Mazaratis for the super-rich. It has also permitted the free flow of black money which has been deposited abroad,” he said.

Mr. Senasinghe said there was no salary increase or benefit to the ordinary people.

“The farmers, fishermen, private sector and public sector employees received little or nothing from this budget and it is only going to be harder for the people. Nothing has changed and it is a waste of two hours” he said. (Hafeel Farisz)
http://www.dailymirror.lk/news/23337-a-budget-for-the-super-rich-unp.html

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