Key points :
Budget 2016 has been created under the zero budget concept.
Regulatory authority will be created to monitor and support Micro,Small and Medium scale enterprises.
Sustainable energy is essential in bringing about sustainable development in the country – Min. Ravi.
Certified price for Paddy. Certified price for Rice, Keeri samba Rs51, Nadu Rs38, Samba Rs 41
Farmers will be encouraged to create export quality rice inorder to capture international markets.
Unused state lands will be granted to companies who produce high quality seeds for agriculture
Industrial parks to be constructed in Monragala, Puttlam , Wanni and Jaffna
Special tax concessions for Venture capital firms that provide equity financial facilities for SMEs
Rs. 500mn allocated to support small and medium scale entrepreneurs
Regulatory authority will be created to monitor and support Micro,Small and Medium scale enterprises
Price of a 400g packet of Milk powder reduced to Rs. 295.
5 warehouses with cooling facilities to be set up in close proximity to Economic Centers around the country aiming to minimize wastage of vegetables and fruits.
Life insurance of Rs. one million for fishermen.
Rs.50 tax will be imposed on imported canned fish.
Tea blending to be liberaralised without impacting the Ceylon Tea brand.
Two year tax relief for rubber industry.
Rs. 1500 Million allocated as special focus on rural economy development through cluster village intitiative.
Rs. 4,000 million reserved for wildlife conservation and to minimise human-elephant clashes.
50 licenses to be issued for Gold importation and USD 2 billion market expansion expected in the jem and jewellery sector.
State institutions to be digitalised and many institution incurring losses are to be restructured.
Electronic ID from 1st of January.
Rs 2000m for the eradication of drugs and for child protection.
Proposes to remove the restrictions of leasing of lands to foreigners.
Liberalising the lubricant market, remove lubricants from BOI negative list.
No super gain tax in the future.
Foreign investors will be allowed to bring foreign currency through any bank account.
Unutilised state land to be released to construct houses. 100,000 houses for low income families over the next 05 years.
Monthly allowance of Rs.10,000 for workers training in the construction sector.
Public who choose to adopt Solar power will receive tax relief.
Import levy will be reduced on 15 products including electronice, shoes and bags.
New state-of-the-art exhibition will be built adjacent to the town hall.
A Colombo International Financial Centre is to be established at D.R. Wijewardena Mawatha.
The Divi Neguma Fund is to be merged to the National Savings Bank.
Relief for local banks when expanding overseas.
Bank Draft charges to be reduced from 250 to 150.
Registration fee for new Motobikes and three wheelers - Rs. 2,000. Motor cars - Rs/ 15,000
Banks should not engage in Leasing activities from June 01, 2016.
Rs. 250 saving deposit for all schoolchildren from 1st of January while salaries account to be introduced for all employees.
A special committee to monitor the issuance of Bonds.
5-day working week and Rs. 2,500 minimum wage for private sector.
Vehicle Emission Test fee to be increased to Rs 5000.
Sanitary facilities for all schools before end of 2016. Rs. 90 billion allocated for Educational expenditure. Market rate vouchers for school uniforms.
Hostel facilities for all universiy students by 2018. Mahapola University to be established in Malabe.
Interest free loans for universiy students to purchase laptops. Free Wi-Fi zones in all universities.
Additional points for those who excel in sports when enrolling in universities.
Import tax repealed for printed magazines, books and journals.
Rs. 05 billion for stroke centres. Cancer hospitals to be established in Nallur and Kandy. 1000 new kidney dialysis centers to be established.
Measures to solve salary anomalies in Police Force within 2 years. The numbers of Police stations to be increased from 438 to 600.
Mattala Airport to be converted as a tramsfer terminal for Air Cargo. 3 domestic airports in Digana, Badulla and Puttalam.
45,000 buses to be added to the exisiting fleet in SriLanka to improve public transportation system.
Govt plans to ban imports of used washing machines, used TVs & second hand mobile phones.
Rs 15bn will be allocated for road expansion, Ruwanpura expressway, and extention of Marine Drive up to Panadura. Kelani-Valley Railway line to be developed.
New government sector workers to get a new pension scheme (effective from January 2016.
Special trade tax on potatoes & Big onions reduced by Rs25; Domestic gas cylinder reduced by Rs150; Kerosene by Rs10 per litre. Price of infant milk powder reduced by Rs. 100. Price of 12.5 KG domestic gas reduced by Rs. 150. Import Tax on Big Onion and Potato reduced by Rs. 25.
Proposal for tax amendments.
Govt has abolished the issue of Vehicle permits including those given for MPs. In future all government vehicles are to be taxed. Government to limit govt vehicles and to offer allowance to government workers for using their own vehicles.
Minimum monthly wage for migrant workers at US $ 300 (Approximately Rs. 40,000)
