Budget at a glance

Snapshot of budget proposals

· Gamperaliya Scheme launched in June 2018, to address critical lacunas in infrastructure needs that have thus far, prevented villages and cities from becoming the growth centres that they have the potential to be. Allocated Rs. 48,000 million for 2019.

Enterprise Sri Lanka more than 30,000 entrepreneurs have benefitted with almost Rs.60,000 million disbursed.

Government will invest in setting up modern climate-controlled warehousing facilities in Katunayake, Embilipitiya, Jaffna, and Keppetipola. Private enterprise will be invited to manage and operate these facilities. Allocation Rs.400 million.

Free glass of milk to students in all rural schools. Allocation Rs.1 billion.

Houses without sanitation facilities to be provided these facilities within two years, benefitting almost 1 million Sri Lankans with Rs. 4 billion allocated for this purpose.

Private sector encouraged to support working mothers, by allowing 50 per cent of the salary cost of the mandatory 3 months maternity leave granted, as an additional deduction, in calculating their corporate taxation, subject to a maximum of Rs.20,000 per employee per month.

Greater participation of women in

boards of listed companies.

Amend labour laws to allow parttime, flexi hours, home-working, etc, which will facilitate more women to be active participants in the economy.

Increasing the allowance paid to

differently-abled persons.

Concessionary loan up to Rs. 10 million at a 6 per cent interest rate with a repayment period of 25 years called “Home Sweet Home” Loan which is for newly wedded couples buying or building their first home.

Registered migrant workers currently working abroad will be able to get a loan of Rs.10 million where the Government will bear 75 per cent of the interest cost and where the tenure of the loan will be a maximum of 15 years, with a two year grace period.

As a measure to bring down cost of living and improve economic competitiveness, in last year’s budget, it was proposed to phaseout all para-tariffs, starting with 1,200 para-tariffs that were removed in November 2017. This process will continue in 2019, where all HS codes with an import Cess will be subject to a phasing out.

New industrial estates under

Industrial Development Board in KKS, Manthai East, Paranthan, Kondachi, Kinniya, Samanthurai and Trincomalee.

Arts to Science Internship Programme, where the industry will train 1,000 unemployed, mostly Arts Graduates, through internships, for an year in IT-BPM, KPO firms, where 50 per cent or up to a maximum of Rs.25,000 of the monthly salary for a period of 12 months, will be borne by the Government.

Government to introduce a mechanism to review administered prices on a quarterly basis, to take into account, exchange rate fluctuations and other variables.

NBT on foreign currency receipts by tourist hotels registered by the Sri Lanka Tourism Development Authority will be removed. Mandatory for travel agents to remit funds to hotels in US Dollars when invoiced in US Dollars.

Entrance fees at National Parks and Cultural Sites will be reduced by 50 per cent for international tourists.

No foreign construction company, unless the project is fully foreign financed, will be allowed to tender for Government projects without forming a joint venture with a local construction or consultancy company.

Residential visas for three years to foreign nationals who invest US$400,000 or more in condominiums.

Education: Future investments will be guided by the STEM+A master plan, which is being finalised. This will allow students to pursue a combination of subjects such as Mathematics with Music or Biology with English.

Top students to be eligible for undergraduate education at top universities, such as Harvard, MIT, Oxford, Cambridge etc.

Loan scheme for bright students, unable to enter local universities, to pursue undergraduate education at non- state universities.

Concessionary loan where the Government will bare 75 per cent of the interest cost for private bus fleet owners to expand their fleets by a total of 1,000 luxury buses.

Social safety net: 600,000 more households to be added to Samurdhi programme.

Well-wishers, philanthropists, especially in the diaspora, invited to contribute to the Palmyrah Fund, which will be administered by the Treasury for development activities in war-affected areas.

Embarkation tax increased to $10

per person at the Colombo airport. Duty on imported liquor increased Expressways charges increase by

Rs.100 during peak hours.

Casino entrance fee of $50 per

person to be levied .