Budget 2016 in November as usual
View(s):Among the first tasks of the new government is to kick-start preparations for Budget 2016 soon and legislate at least 25 revenue proposals from the 2015 budget after the new parliament opens next month, official sources revealed. “The new budget will be for 2016 and it will be presented at the regular time,” Dr. Harsha de Silva, MP-elect who is tipped to get a powerful ministerial portfolio in the government, told the Business Times.
Meanwhile the immediate priority of the government is to enact these revenue proposals including Mansion tax, Motor Vehicle Importers levy, Super Gain Tax, Bars & Tavern Levy, Migrating Tax, Casino Levy, Mobile Telephone Operators Levy, and Direct to Home Satellite Services Levy, Dedicated Sports Channel Levy, as well as Satellite Location Levy to raise Rs. 80.3 billion.
This will ease the current cash flow problem and achieve macroeconomic stabilisation as well as re-activate budget proposals, a senior Treasury official said. The Department of National Budget has already issued Budget Call 2016 including guidelines of preparation for the budget 2016 within the targets of a Medium Term Budgetary Framework, he said.
Budgetary meetings with ministry secretaries and heads of state institutions are to be convened to make necessary financial allocations for 2016 after the swearing in of new cabinet ministers.