2021 Budget Key Highlights: Sri Lankan migrant workers to receive Rs. 2 for every dollar remitted
- A 10 year tax relief on recycling sites for its investors.
- Electricity consumers assured a sustainable and renewable energy supply by 2023 with 70% of Sri Lanka’s energy supply being sourced from renewable energy sources.
- The Kerawalapitiya – Mirigama, Kurunegala – Dambulla and Pothuhera – Kandy segments of the Central Expressway to be completed by 2024.
- Ruwanpura Expressway to connect the Southern Expressway by the Ingiriya – Kahathuduwa segment.
- Manufacturing Train compartments will be developed as a local industry
- Railway network including Colombo and Kelani Valley to be expanded with a Rs. 1300mn investment.
- Construction of the national expressway to be expedited. Colombo’s Marine Drive to be extended to Moratuwa.
- In addition to the Lakvijaya Power Plant, a 300 MW Coal Power Plant and two 600 MW Natural Gas Power Plant to be constructed soon.
- Repayment of refinancing loan facilities provided by CBSL to Tourism sector extended till 30 September 2021
- Daily wage of estate workers to be increased to Rs.1,000 from January 2021.
- Sri Lankan migrant workers to receive Rs. 2 for every dollar remitted, in order to increase annual foreign remittances
- Contributory pension for Sri Lankan migrant workers
- The government aims to create a sports economy worth USD 1,000 million during the period from 2021-2024.
- Rs. 250 million for the development of underprivileged temples
- Technical colleges of which the annual intake is presently at 100,000 to be increased to 200,000 students per year.
- A 5 year tax relief for privet educational institutions.
- A new loan scheme proposed for Samurdhi beneficiaries on 7% interest
- Rs 18,000 million additional provisions to combat Covid-19
- A 50% income tax exemption to local companies if they register before 31 December 2021 to be listed in the Stock Market
- Five technological parks across the country to be established.
- Five technological parks across the country to be established.
- Additional funds of Rs. 3,000 million to initiate a scholarship programme to provide a Rs. 4,000 monthly allowance to students receiving vocational education based on their active participation.
- Foreign loans 1,400 million USD to be obtained for the next five years from the Japan International Cooperation Agency, World Bank and Asian Development Bank.
- A 50% tax exemption offered for local Companies listed in the Colombo Stock Exchange until December 31, 2021.
- Television sets to be provided for rural schools to allow students to watch Guru Gedara educational programmes. Rs 3,000 million allocated
- A new insurance scheme will be introduced for the employees of Covid affected sectors.
- Rs 750 million to be allocated for housing, health, education and entrepreneurship needs of retired, injured or deceased military servants.
- Tax on dividends of foreign companies will be excempted for three years, if the money is invested in Sri Lankan sovereign bonds or in the stock market
- New laws to be introduced in relation to data security, cyber security and intellectual property.
- A special Court of Appeal to hear public complaints pertaining to tax.
- Rs 8 billion to be allocated for the expansion of the technology sector
- Special programmes will be conducted to strengthen public security at a cost of Rs 2,500 million
- Non-residents will be allowed to purchase super-luxury condominiums using foreign currency
- Value Added Taxes unchanged at 8% for businesses that record a turnover of more than 25 million a month except for bank,finance and insurance companies
- New laws against auditors and companies that prepare false tax records
- Simple Online Income tax system to be introduced for income tax payers.
- Business organizations engaged in agriculture, fisheries, and livestock farming industries will be exempted from taxes during the next 5 years
- Special Goods and Services Tax to be introduced for telecommunication,alcohol, cigarettes, vehicles and betting.
- Expecting to maintain a 6% growth rate, Inflation at around 5%, budget deficit to be reduced for 4%.
- “We have entered an era in which Sri Lanka’s geopolitical importance is highly valued and we need to utilize it while sustaining sovereignty. We need a strategic vision for that” Prime Minister
- Prime Minister commences delivering the 2021 Budget speech in Parliament.
- Prime Minister & Finance Minister Mahinda Rajapaksa will deliver the 2021 Budget speech in Parliament at 1.40 pm today.
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