Budget Speech 2017 - Updates

Budget Speech 2017 - Updates

5.00 p.m. -- Budget Speech concludes.

5.04 p.m. -- Cess Taxes will be removed from 100 items. 

5.03 p.m. -- Levies charged on withdrawing money from automatic teller machines would be increased upto Rs. 10.

                   New tax for carbons.

5.02 p.m. Taxes on electric motor vehicles will be

reduced. Tax concessions for imports of second-hand vehicles.

5.00 p.m. -- 100 retail outlets of Sathosa will be established. Rs. 500 million is expended for this purpose.

                    Development of Matara sea coast.

                    Rs. 3000 million will be allocated for small tanks. 

4.56 p.m. -- Price reduction: 1 Kg. of Green gram by Rs. 15, 1 Kg. of dhal by Rs. 10, 1 Kg. of potatoes by Rs. 5, 1 Kg. of sprats by Rs. 5, 1 Kg. of white sugar by Rs. 5, 1 litre of kerosene oil by Rs. 2, domestic gas cylinder by Rs. 25 and the price of drugs has already been brought down 40 per cent. No VAT will be levied on the aforementioned items. 

                   Maximum price: 400 gr. local milk powder at the maximum price of Rs. 250 and the maximum price of canned fish 425 gr. will be Rs. 125.

4.53 p.m. -- Rs. 50 will be reduced from charges levied after p.00 p.m. on Expressway.

4.51 p.m. -- Loans of Rs. 1500 million for solar power projects. Rs. 100 million for a country free from harmful food items.

4.47 p.m. -- All procedures will be adopted to safeguard the legal framework of the country. Rs. 710 million for its reformation. 

4.43 p.m. -- Rs. 1500 million to provide facilities of 1000 service shelters for obtaining services of Grama Sevakas and Government Officers from a single place. 

4.41 p.m. -- A concessionary loan facility of Rs. 150000 of 50% for the media to obtain equipment. Loan facilities of 3 and a half lakhs for provincial media personnel to obtain equipment.

4.39 p.m. -- Rs. 25 million for Pundit Amaradeva Cultural Institute. Rs. 50 million will be allocated to establish a conservation unit at the Film Corporation.

4.38 p.m. -- Rs. 150 million will be allocated for development of piriven facilities. A monthly allowance of Rs. 2500 for students of pirivena education. Rs. 250 million will be set aside for the international Wesak celebrations.

4.35 p.m. -- Ceylon Tobacco would be advised to contribute Rs. 4000 million for the President's Fund on behalf of the Anti-smoking project. Rs. 4000 million will be allocated for the Jathika Yovun Senankaya. Rs. 1.5 million free of interest will be given to graduates to commence a business. For this purpose a sum of Rs. 150 million will be set aside.

4.33 p.m. -- Rs. 1000 will be set aside for pensioners. Steps will be taken to monitor Employees Provident Fund and Employer's Trust Fund. 

4.32 p.m. -- Rs. 3500 to pay the war heros' allowance. Income of Samurdhi beneficiaries                    will be increased. Accordingly the Samurdhi would be named as Jana Isuru. 

4.27 p.m. -- A loan facility of 40% for foreigners purchasing apartments. Steps will be taken to grant ownership to those living in government houses and it would commence from the month of January. 2000 million has been allocated. Housing units of Rs. 5 million for middle-income earners and housing units of Rs. 1 million for low-income earners. Housing loans of 7%to be given jointly by the National Savings Bank and Housing Bank. 500000 houses for low-income and those of the middle-income earners amounting to Rs. 37000 crores. 

4.22 p.m. -- Licences will be issued to establish 200 money exchanging outlets.                           An institution for management of financial assets and an authority to safeguard financial customers will be installed. Ways and means to provide electricity to the public would be consolidated. 300 million will be set aside for drinking water-projects.    

4.16 p.m. -- Rs. 50 million will be allocated for a new internal airways service. A 50% concessionary loan facility would be afforded. Rs. 150 million will be allocated at a loan concessionary interest rate of 75%. 

4.12 p.m. --  Work on the Central and Ruwanpura Expressway will start in a few months. It will be proposed to extend the Southern Expressway upto Badulla. 

4.10 p.m. -- The existing 25% Cess taxes in the construction field will be eliminated and 1306 million will be allocated for the purpose of expanding Science and Technology. It is hoped to turn Sri Lanka into a centre of maritime hub in Asia. 

4.08 p.m. -- A minimum rate charged for rooms would be enforced for tourist hotels. Old ones will be modernized and while contributing for services such as Agoda a new modernisation scheme such as allocation for internet would be encouraged. 

4.02 p.m. -- It is hoped to make Sri Lanka a hub point in Asia. Rs. 100 million will be set aside to restructure government projects. Steps to launch 15 export factories. An international trade exhibition would be effected in Colombo next year. 50 million has been set apart for it. 

3.55 p.m. -- Rs. 100 million to promote the name of Sri Lanka. 7500 million for Megapolis.

3.50 p.m. -- Will encourage foreign investments for Sri Lankan garment industry. A 75% tax free opportunity for High Tec  machinery businesses. A special encouragement plan for investments over $ 500 million. A tax free period of 3 - 5 years for foreign investments with over 250 employee-force.

3.44 p.m. -- Imports of salt is in a pathetic situation and therefore to minimise salt imports, it will be left open for the private sector. 

3.42 p.m. -- Local artistes are suffering financially. Dues owed to them by Laksala should be settled and finished within one month. We hope to give a new lease of life to the textile and handloom industry. Accordingly steps will be taken to provide infra-structure and training for the Industrial Development Board. Rs. 500 million will be allocated for this purpose. A committee equipped with all powers to counteract to solve issues relating to Clay resourcing      will be established.

3.40 p.m. -- Rs. 500 million for a loan scheme for small-scale and medium-scale            businesses. Action will be taken to extend limitations of Loan Information office by Rs. 5 lakhs. Lands not utilised will be made available on a long-term basis in rent.                          

3.38 p.m. -- Rs. 50 million to launch a national business foundation.

3.36 p.m. -- An accordance to run private buses till 11.00 in the night. Also a request to keep private markets open till 11 in the night. 

3.34 p.m. -- It would be made compulsory for every business be registered.

3.30 p.m. -- Those who run unregistered pharmacies will be arrested and a fine of Rs. 1 lakh would be imposed.Rs. 1000 million for facilities of children's hospitals in Karapitiya, Amparai and Jaffna in addition to the two children's hospitals. 

3.28 p.m. -- Rs. 25000 for the development of infra-structure with Rs. 100 million to the National Science Foundation. 300 million to plan standards relevant for vocational education. 200 million to develop the Nursing Training School. 

3.25 p.m. -- A loan of Rs. 8 lakhs will be made available to each student covering 15000 students following a degree course in private universities. Development of higher education facilities for young males and females is not something that the State alone could handle. The private sector too should come forward for it. 

3.22 p.m. -- Rs. 100 million would be set apart for sports activities of university students. Visa facilities for overseas students who come to Sri Lanka for educational reasons. 500 visas will be issued to 500 foreign students to pursue education in Sri Lanka. Invitations would be extended to examine possibilities of start community schools. 300 million as a loan at the rate of Rs. 8 lakhs to 15000 students to pursue higher education for those who have been deprived of university entrance.  

3.20 p.m. -- The university time-period will be extended till 8 in the night and two groups would be combined and the number of those being admitted to the university will be increased hundred to hundred per cent. Through this, in the year 2020, 50000 would get the opportunity of gaining admission to universities. Rs. 100 million will be allocated for sports activities of university students. Rs. 500 million will be set aside for studies in internationally recognised universities. Rs. 13000 will be set apart to introduce subjects of Statistics and International Technology and to launch educational degree courses at SJP, Kelaniya, Jaffna and Peradeniya. A new building of 10 floors would be erected at the medical faculty of Karapitiya. Students enrolled at the medical faculty of medicine for the Ruhuna University would be increased from 160 to 300. 

                      Development will not be stopped by just listening to those who hold posters and shout out for political necessities. Facilities will be open for those who come to the country to gain admittance to private universities and a separate institution would be installed for the purpose of inspecting their quality. 

3.10 p.m. -- An insurance cover of 2 lakhs would be provided for every child of the ages of 5 - 19. Rs. 2700 million is allocated for it. Attention would be focused on the development of facilities of children with special learning needs. For this purpose the sum will be Rs. 175 million. All Savings and Commercial banks have consented to open up accounts for school children from January 8th 2017. 

3.05 p.m. -- Provisions of 90000 million will be allocated for education. We are dedicated ourselves to set apart 6 per cent. New subjects will be introduced for the advanced level and ordinary level (such as Digital Communication, Logistic Management).  A sum of Rs. 5000 million will be set apart to supply tab computers to 28000 advanced level teachers and to 175000 advanced level school children. Telephone companies are welcome to provide wi-fi and internet facilities on gratis for this purpose.      

                   Rs. 5000 will be allocated for development of infra-structure facilities in schools. Though there is no intention to bring private and international schools under control, they would be called upon to register with the government and would be subjected to educational regulations. Semi-government schools could look forward to scholarship facilities. 

3.00 p.m. -- If a kilo of chicken cannot be marketed for the price of Rs. 420, it will be imported. The Cess tax on maize will be removed. 300 million for installing consolidated 100 fresh water   villages. 

2.56 p.m. -- Steps to establish local dairy development zones. Rs. 200 million for promotion of local milk production. 15000 high quality milk producing cattle would be imported. Steps to produce requirements of sugar locally. A loan interest subsidy of 50% to enhance floriculture. 

2.46 p.m. -- Rs. 900 million to build up the rubber industry. To promote the tea                       steps will be taken for production of value added tea. A new research centre for coconut and Rs. 75 million will be set aside for the Coconut Research Institute. 20000 State-owned acres would be released for cultivation of five main vegetables.  

2.36 p.m. -- Lands not used for economic purposes would be handed over for Agricultural purposes. Forming co-operatives will be started. Agriculture should be brought from the level of supplying to the commercial level. Interest subsidies would be made available to middle-scale rice producers. 400 million will be granted for this purpose. Taxes will be withdrawn. An Agri-research centre will be opened at Wayamba University. 

2.20 p.m. -- The Prime Minister is in the process of explaining the theme of the budget: 'A speedy economic development bringing returns for all'.

2.06 p.m. --  The introduction is in progress. 

2.03 p.m. -- The Minister of Finance who enters the House to present the budget speech, begins his speech.