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Budget 2017: SLFP wants VAT threshold to remain
View(s):By Chrishanthi Christopher
A proposal that the threshold to the Value Added Tax (VAT) to wholesale and retail markets remain intact as per the 2015 Budget is among the proposals submitted by the Sri Lanka Freedom Party (SLFP) to be considered for next year’s Budget.
The SLFP has sent its proposals in response to the Government’s call to all political parties and the state and corporate sectors to submit proposals to be included in the 2017 Budget.
Under the new amendments, the threshold for VAT liability on wholesale or retail supply of goods has been revised to Rs. 12.5 million for a quarter, or Rs. 50 million per year. Other proposals forwarded include adjustments to agriculture, education and poverty alleviation. The main proposal in the education sector is to have vocational training centres for school drop outs at Ordinary Level and Advanced Level grades in order to train them for jobs for the overseas market.
To set up a banking facility, where students can obtain loans to cover agency fees and other miscellaneous fees when securing jobs overseas.
In the agricultural sector the SLFP has made several proposals to revitalise the Regional Plantation Companies to boost production. The National Trade Union Front (NTUF) consisting of ten trade unions, has also met Finance Minister Ravi Karunanayake and submitted ten proposals. NTUF President Saman Ratnapriya said the unions are lobbying to grant loans for continued education for those who fail to get selected to the State universities, increasing the age of retirement to 65 years for all employees, granting continued education to State employees by upgrading their work related skills and knowledge, to absorb State employees on contract/ casual workers into the mainstream and address the national transport problem by upgrading train services and extending railway lines.
The Ceylon Chamber of Commerce also had a discussion with Minister Karunanayake and brought up several issues in the agriculture, real estate, apparel, confectionery, transportation and the non-banking sectors, that need to be addressed.