BUDGET SPEECH UPDATES

Several New Budget proposals

Government Servants and security personnel to get 10% increase out of their gross salaries.
This was announced by the President in his 2012 budget speech. The executive staff category’s, like University Lecturers, doctors the increase would be 5 % of their gross salaries.

In future there would be on outright sales of Government properties, but it would only be on 99 year lease period:
It was announced in the budget speech of 2012 by the President that the Government would not sell land and properties outright but it will only be on lease. In the event a lease land or property is offered on lease it would be taken over if no activity takes place in such places for a period of one year.

Students who get through Advanced Level will have the option to join Vocational training centres:
Those students who are able to pass the G.C.E (Adv level) but do not have the required marks to enter a preferred University could enter Vocational training centres.

Vehicle registration fees to be amended:
All registration fees of luxury vehicles imported would be increased. The registration fees for Buses and Lorries would remain unchanged according to the President’s budget speech 2012.

Buses imported for travel of tourists would be exempted from VAT Tax:
The VAT tax imposed on buses imported for tourism will also be exempted from VAT tax. However those vehicles that are imported for airport taxi services would be levied a Vat tax of 50 %.

Visa fees for tourist who arrive for 48 hours exempted from Visa fees:
In the 2012 Budget speech the President announced that no visa fees would be charged to foreigners who visit Sri Lanka for 48 hours.

Rs 500 million allocated for developing Health sector:
In the Budget speech 2012 the President announced that a sum of Rs 500 Million has been allocated to improve and enhance the health sector.

A Donation of Rs 1 lakh for the third child of Police personnel:
The Rs 1 lakh that was awarded already for the birth of a third child of Police personnel has been extended to be offered to the third child born to a family of a security personnel as well.

Vehicle loans up to Rs 1.2 Million devoid of interest for Senior Media personnel and artists’:
For those in the Media field for over 25 years and veteran artists’ too also for having performed for over 25 years are entitled for this loan facility, was announced in the 2012 Budget speech by the President.

The Budget speech 2012 in full could be heard from HERE: