Sri Lanka braces for austerity budget in Nov.
The government is now preparing the 2015 budget curtailing tax concessions and subsidies and ensuring development by creating more livelihood and employment opportunities, food and energy security with particular emphasis on low income and poor families,official sources said.
Several new taxes will be introduced to raise revenue and restrict imports promoting protectionism, setting an ambitious state revenue target of around Rs.1700 billion and expenditure of around Rs.1600 billion, with more spending and borrowing outlined outside the budget.
An earlier plan to present a mini budget or three months vote on account on the eve of Presidential elections has been shelved. Budget 2015 to be presented in parliament in November gives priority to further improving basic infrastructure facilities
| New payment gateway
A new Revenue Administration Management Information System is being introduced to automate the processes of Inland Revenue Department (IRD) and eventually link the IRD with Sri Lanka Customs, Department of the Registrar of Companies, Department of Motor Traffic, the Land Commissioner General’s Department and the Ministry of Finance and Planning, officials said. The new system will enable the use of a Personal Identification Number to coordinate all transactions and facilitate online tax payments, etc. |