Welfare Budget 2024 to empower 6.8 million vulnerable people
View(s):The government is to present budget 2024 in Parliament on November 13 with wider social welfare package for the 6.8 million poverty stricken people amidst heavy increase in public expenditure, State Minister of Finance Ranjith Siyambalapitiya divulged
Sri Lanka’s welfare allocation for 2024 will have to be Rs. 200 billion compared to the previous budget’s Rs. 65 billion, he said,.
Revenue for social security and welfare for the poorest of the poor and meet the tax expenditure for finance, health, education and defence ministers has to be raised through taxation.
The ministry has to devise a mechanism for salary increases of public sector employees making Budget 2024 proposals to improve revenue mobilisation critical to Sri Lanka’s return to macroeconomic stability, Mr. Siyambalapitiya said.
Ministry officials are evaluating the pros and cons in granting a 15 -10 per cent on the basic salary of public servants depending on their current salary scales or increase the basic salary by a certain percentage. It has also been considered to fix a certain percentage of increase for various grades giving the high percentage increase of basic salary of lower grades in the public sector and others, except higher grade officials, will get 5-10 per cent increase in the form of an allowance or basic salary hike.
Higher grade officials will also get a salary hike by a certain percentage in accordance with their basic salary.
Another option now under consideration is to grant an additional allowance based on the cost of living index.
The country’s tax system will be changed under the new budget proposal devised with the aim of halting the practice of low, multiple, and frequently changing rates widening the shrinking tax base.
A high tax burden on the people will be eased by taxing capital incomes doing away with over-reliance on indirect taxes while strengthening tax administration, he disclosed.
The government will make necessary adjustments to the existing tax rates and bases, and a budget proposal will be made to improve the efficiency of tax collection and increase compliance.
The Appropriation Bill for Budget 2024 indicates an increase in allocated expenditure at Rs. 6.56 trillion in 2024 compared to Rs. 5.85 trillion in 2023. Interest payments will record a 20 per cent rise to Rs. 2,63 trillion in 2024 from Rs. 2.19 trillion in 2023.
The estimated revenue for 2024 will be Rs.3.37 trillion, ministry provisional estimates indicated. The government will be resorting to domestic borrowing of around Rs. 5 trillion to meet heavy expenditure in budget 2024.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!