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Here are highlights of President Mahinda Rajapaksa Budget presented at 1.30 pm pn Friday, October 24, 2014. This is the President’s 10th consecutive budget presentation:
* 1.40 pm -President opens his speech with a preamble of the develoments of the past few years including the war and the post-war developments.
* 1.45 pm – The rural economic developments followed by the g0vernment are based on ancient, traditonal and post-independence leaders who were also concerned about this. We are building a new economy based on these ideals.
* 1.50 pm -Infrastructure development was neglected during the war but there been rapid infrastucture development when the war ended in May 2009
* 1.53 pm – Former LTTE cadres are being reintergrated, trained and absorbed to the armed forces and the police.
* 2 pm – While receiving foreign aid, Sri Lanka has also been transformed to a country that provides aid to countries in crisis and in disaster situations
* 2 pm – Our Government will increase the per capita income of each individual by four times in coming years.
* 2 pm – Foreign reserves are at $10 billion while foreign debt has been reduced to 30 per cent compared to last year
* 2.01 pm- The Government reduced electricity prices by 25 per cent recently due to the resurgence of alternate energy sources.
* 2.03 pm - 750,000 low cost houses provided to those who were displaced from their dwellings for development purposes.
* 2.10 pm – Because of the ec0nomic transformation and rapid development, mobile technology has taken off and everyone is using a mobile phone now
* 2. 15 pm – Rural poverty reduced to 7.6 per cent from 15.8 per cent
* 2.20 pm – 678 small rural irrigation schemes constructed at a cost of Rs 3 billion
* 2.21 pm – Construction activity has increased by 17 per cent
* 2. 22 pm – Sri Lanka is expected to raise US$ 2 billion in foreign investment this year
* 2.23 pm – Apparal export earnings to reach $5 billion
* 2.24 pm – Export earnings expected to reach over $11 billion
* 2.25 pm – Life expectancy per person would reach 80 years by 2020
* 2. 27 pm – The student intake to Sri Lankan state universities will increase substantially to 100,000 per year by 2020 (from around 20-25,000 per year now)
* 2. 30 pm – Export earnings to reach $20 billion by 2020
* 2. 32 pm – Per capita income to reach $7,500 by 2020
* 2.33 pm – Foreign loans: These are taken for a specific purpose ‘ Not for eating (apita kanda ganne nahe)’
* 2. 37 pm – SriLankan Airlines and Mihin Air together fly to 90 destinations using a fleet of 25 aircraft
* 2. 40 pm – Special integrated tax on motor vehicles which will raise Rs 5 billion
* 2.40 pm – Cigarette and liquor taxes to raise Rs. 14,400 million
* 2.45 pm – $100 entrance fee at casinos
* 2.45 pm – 47 of 54 state enterprises turned into profitable units
* 2.47 pm – Property of tax evaders would be acquired
* 2.47 pm - Tax Department to g0 online from tomorrow for tax payments
* 2.50 pm – Water rates – First 25 units will be reduced by 10 per cent
* 2.50 pm – Rs. 750 million allocated for areas affected by water borne diseases
* 2.50 pm – 500 small buses to be imported to strengthen transport services
*2.51 pm – New airports in Kandy and Nuwara Eliya
* 2.57 pm – New state plantation company to be set up
* 2.57 pm – Rs 5,000 million allocation for new state of the art factories at Hingurana and Pelwatte Sugar Cos.
* 2.57 pm – Rs 1000 and 10 per cent dividend to be paid to EPF members who have over 10 years service
* 2. 58 pm – Rs 750 million allocation to improve facilities for judges
*2.58 pm – New courts to be established to expedite cases and reduce delays
* 3 pm - Rural road development allocated Rs 20 billion
* 3 pm - Airport refurbishment allocated Rs 17 billion
* 3 pm – Customs wil be computerised
* 3 pm – Postal Dept improvement – Rs 1.5 billion allocated
* 3 .02 pm – Postal workers who now use bicycles will be given motor cycles at concessionary rates
* 3. 03 pm – Seed paddy will be provided free to farmers
* 3.05 pm – Railway workers anomalies to be resolved with Rs 2 billion allocation
* 3.05 pm – Special tax on vehicle imports
* 3.07 pm – Guaranteed price for rubber at Rs 300 per kilo
* 3.07 pm – One stop trade facilitation centre at the Customs
* 3. 15 pm – Garments sector workers pension scheme proposed
* 3.15 pm – Guaranteed price scheme for small-time fishermen
* 3.16 pm - Rs 1.05 billion used to improve fisheries sector
*3. 18 pm – Local milk powder prices reduced by Rs 100 per kilo and yoghurt reduced by Rs 3 from Rs 30 per cup
*3.20 pm – Chicken and egg exports to be encouraged
*3. 22 pm – Kidney patients will receive Rs 3,000 per month
* 3.24 pm – Rs 700 million allocated for women suffering from cancer
* 3.25 pm – Rs 500 million allocated for mobile health units
* 3.27 pm – Ayurvedic physicians to receive Rs 5,000 per month
* 3.27 pm – Pre school teachers to get Rs 2,500 per month and loan of Rs 10,000
* 3.29 pm – 50,000 Teaching assistants to be appointed at Rs 9,500 per month
* 3.30 pm – Mahapola scholarships increased to Rs 4,000 per month from Rs 2,500
* 3.35 pm – Government will encourage and support new innovations and creations
* 3.40 pm- Loans to be given to journalists to improve their skills. Earlier they got vehicle loans
* 3. 34 pm – Lionel Wendt and Lumbini theatres to receive Rs 300 million for renovations
* 3,45 pm – Under Divi Neguma, 25,000 new villages will be established
* 3.45 pm – Divi Neguma support for families to be increased to Rs 4,000 from Rs 1,000
*3.45 pm – Pension scheme to be established for migrant workers
*3.47 pm – Aerospace Engineering faculty to be established at the Moratuwa University
*3. 47 pm – Sri Lankans with dual citizenship can work in Sri Lanka at reduced tax rates for five years
* 3.50 pm – Small entrepreneurs like barbers, tailors, sewing mistresses, etc to get tax exemption upto Rs 50,000 per month and Rs 50,000 loan at 6 per cent interest
*3.52 pm – Supermarket complex at a cost of Rs. 1.2 billion to be established at 9-acre Chalmers Granary in Colombo
* 3.54 pm – The elderly to receive increase in monthly payment to Rs 2000 from Rs 1000. Special day care centres with all facilities including TVs to be set up for elders.
* 4 pm – Rs 100 million financial assistance scheme for those who produce tele dramas reflecting family values
* 4.01 pm – Motorcycle loans at concessionary rates for suburban teachers
* 4.05 pm – Pension and insurance scheme for 3-wheeler drivers
* 4. 07 pm – 6 per cent interest on loans for import of new buses and tax exemption when selling their old buses. Reduced taxes for import of passenger transport vehicles/vans
*4. 10 pm – Import tax on electric vehicles reduced by 25 per cent
*4.12 pm – Rs 50,000 motor cycle allowance for police sergeants and constables
* 4.13 pm – Police officers to get same incentive for third child similar to facility given to the army
*4.15 pm – 12 per cent interest for bank deposits by elderly persons
* 4.15 pm – Request to supermarkets and retail shops to reduce price of commodities by 10 per cent as VAT and other taxes have been reduced
*4.20 pm – All allowances to be incorporated in public sector wages and minimun salary to be increased to Rs 15,000
*4.20 pm – Cost of Living allowance to be increased to Rs 10,000 from Rs 7,800 per month making montly minimun wage of public sector worker at Rs 25,000
*4.22 pm – Senior public officers with 20 years experience and SLAS officers to get additional Rs. 15,000
*4.22 pm – All casual employeers who have served over 180 days to be made permanent
* 4.23 pm – Rs 500 increase per month for private sector employees
- See more at: http://sundaytimes.lk/news/key-highlights-presidents-mahinda-rajapaksa-budget-presentation-today.html#sthash.DoyGGaMS.0sOHS4gs.dpuf
* 1.40 pm -President opens his speech with a preamble of the develoments of the past few years including the war and the post-war developments.
* 1.45 pm – The rural economic developments followed by the g0vernment are based on ancient, traditonal and post-independence leaders who were also concerned about this. We are building a new economy based on these ideals.
* 1.50 pm -Infrastructure development was neglected during the war but there been rapid infrastucture development when the war ended in May 2009
* 1.53 pm – Former LTTE cadres are being reintergrated, trained and absorbed to the armed forces and the police.
* 2 pm – While receiving foreign aid, Sri Lanka has also been transformed to a country that provides aid to countries in crisis and in disaster situations
* 2 pm – Our Government will increase the per capita income of each individual by four times in coming years.
* 2 pm – Foreign reserves are at $10 billion while foreign debt has been reduced to 30 per cent compared to last year
* 2.01 pm- The Government reduced electricity prices by 25 per cent recently due to the resurgence of alternate energy sources.
* 2.03 pm - 750,000 low cost houses provided to those who were displaced from their dwellings for development purposes.
* 2.10 pm – Because of the ec0nomic transformation and rapid development, mobile technology has taken off and everyone is using a mobile phone now
* 2. 15 pm – Rural poverty reduced to 7.6 per cent from 15.8 per cent
* 2.20 pm – 678 small rural irrigation schemes constructed at a cost of Rs 3 billion
* 2.21 pm – Construction activity has increased by 17 per cent
* 2. 22 pm – Sri Lanka is expected to raise US$ 2 billion in foreign investment this year
* 2.23 pm – Apparal export earnings to reach $5 billion
* 2.24 pm – Export earnings expected to reach over $11 billion
* 2.25 pm – Life expectancy per person would reach 80 years by 2020
* 2. 27 pm – The student intake to Sri Lankan state universities will increase substantially to 100,000 per year by 2020 (from around 20-25,000 per year now)
* 2. 30 pm – Export earnings to reach $20 billion by 2020
* 2. 32 pm – Per capita income to reach $7,500 by 2020
* 2.33 pm – Foreign loans: These are taken for a specific purpose ‘ Not for eating (apita kanda ganne nahe)’
* 2. 37 pm – SriLankan Airlines and Mihin Air together fly to 90 destinations using a fleet of 25 aircraft
* 2. 40 pm – Special integrated tax on motor vehicles which will raise Rs 5 billion
* 2.40 pm – Cigarette and liquor taxes to raise Rs. 14,400 million
* 2.45 pm – $100 entrance fee at casinos
* 2.45 pm – 47 of 54 state enterprises turned into profitable units
* 2.47 pm – Property of tax evaders would be acquired
* 2.47 pm - Tax Department to g0 online from tomorrow for tax payments
* 2.50 pm – Water rates – First 25 units will be reduced by 10 per cent
* 2.50 pm – Rs. 750 million allocated for areas affected by water borne diseases
* 2.50 pm – 500 small buses to be imported to strengthen transport services
*2.51 pm – New airports in Kandy and Nuwara Eliya
* 2.57 pm – New state plantation company to be set up
* 2.57 pm – Rs 5,000 million allocation for new state of the art factories at Hingurana and Pelwatte Sugar Cos.
* 2.57 pm – Rs 1000 and 10 per cent dividend to be paid to EPF members who have over 10 years service
* 2. 58 pm – Rs 750 million allocation to improve facilities for judges
*2.58 pm – New courts to be established to expedite cases and reduce delays
* 3 pm - Rural road development allocated Rs 20 billion
* 3 pm - Airport refurbishment allocated Rs 17 billion
* 3 pm – Customs wil be computerised
* 3 pm – Postal Dept improvement – Rs 1.5 billion allocated
* 3 .02 pm – Postal workers who now use bicycles will be given motor cycles at concessionary rates
* 3. 03 pm – Seed paddy will be provided free to farmers
* 3.05 pm – Railway workers anomalies to be resolved with Rs 2 billion allocation
* 3.05 pm – Special tax on vehicle imports
* 3.07 pm – Guaranteed price for rubber at Rs 300 per kilo
* 3.07 pm – One stop trade facilitation centre at the Customs
* 3. 15 pm – Garments sector workers pension scheme proposed
* 3.15 pm – Guaranteed price scheme for small-time fishermen
* 3.16 pm - Rs 1.05 billion used to improve fisheries sector
*3. 18 pm – Local milk powder prices reduced by Rs 100 per kilo and yoghurt reduced by Rs 3 from Rs 30 per cup
*3.20 pm – Chicken and egg exports to be encouraged
*3. 22 pm – Kidney patients will receive Rs 3,000 per month
* 3.24 pm – Rs 700 million allocated for women suffering from cancer
* 3.25 pm – Rs 500 million allocated for mobile health units
* 3.27 pm – Ayurvedic physicians to receive Rs 5,000 per month
* 3.27 pm – Pre school teachers to get Rs 2,500 per month and loan of Rs 10,000
* 3.29 pm – 50,000 Teaching assistants to be appointed at Rs 9,500 per month
* 3.30 pm – Mahapola scholarships increased to Rs 4,000 per month from Rs 2,500
* 3.35 pm – Government will encourage and support new innovations and creations
* 3.40 pm- Loans to be given to journalists to improve their skills. Earlier they got vehicle loans
* 3. 34 pm – Lionel Wendt and Lumbini theatres to receive Rs 300 million for renovations
* 3,45 pm – Under Divi Neguma, 25,000 new villages will be established
* 3.45 pm – Divi Neguma support for families to be increased to Rs 4,000 from Rs 1,000
*3.45 pm – Pension scheme to be established for migrant workers
*3.47 pm – Aerospace Engineering faculty to be established at the Moratuwa University
*3. 47 pm – Sri Lankans with dual citizenship can work in Sri Lanka at reduced tax rates for five years
* 3.50 pm – Small entrepreneurs like barbers, tailors, sewing mistresses, etc to get tax exemption upto Rs 50,000 per month and Rs 50,000 loan at 6 per cent interest
*3.52 pm – Supermarket complex at a cost of Rs. 1.2 billion to be established at 9-acre Chalmers Granary in Colombo
* 3.54 pm – The elderly to receive increase in monthly payment to Rs 2000 from Rs 1000. Special day care centres with all facilities including TVs to be set up for elders.
* 4 pm – Rs 100 million financial assistance scheme for those who produce tele dramas reflecting family values
* 4.01 pm – Motorcycle loans at concessionary rates for suburban teachers
* 4.05 pm – Pension and insurance scheme for 3-wheeler drivers
* 4. 07 pm – 6 per cent interest on loans for import of new buses and tax exemption when selling their old buses. Reduced taxes for import of passenger transport vehicles/vans
*4. 10 pm – Import tax on electric vehicles reduced by 25 per cent
*4.12 pm – Rs 50,000 motor cycle allowance for police sergeants and constables
* 4.13 pm – Police officers to get same incentive for third child similar to facility given to the army
*4.15 pm – 12 per cent interest for bank deposits by elderly persons
* 4.15 pm – Request to supermarkets and retail shops to reduce price of commodities by 10 per cent as VAT and other taxes have been reduced
*4.20 pm – All allowances to be incorporated in public sector wages and minimun salary to be increased to Rs 15,000
*4.20 pm – Cost of Living allowance to be increased to Rs 10,000 from Rs 7,800 per month making montly minimun wage of public sector worker at Rs 25,000
*4.22 pm – Senior public officers with 20 years experience and SLAS officers to get additional Rs. 15,000
*4.22 pm – All casual employeers who have served over 180 days to be made permanent
* 4.23 pm – Rs 500 increase per month for private sector employees
- See more at: http://sundaytimes.lk/news/key-highlights-presidents-mahinda-rajapaksa-budget-presentation-today.html#sthash.DoyGGaMS.0sOHS4gs.dpuf
