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President RW aims a developed SL by 2048

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President Ranil Wickremesinghe tabling the 2022 Interim Budget Appropriation Bill in Parliament today (30) said he expects Sri Lanka to become a developed nation by 2048.

The bill proposes the provision of many reliefs and several proposals related to increasing state revenues including tax revenues are also included in the list.

The state revenue will be increased from 8.2 per cent of the gross domestic product (GDP) in 2021 to 15 per cent by 2025.The value added tax (VAT) will be increased from 12 per cent to 15 per cent from October 01, 2022.Many tax proposals introduced in the last period will be enforced from October 01, 2022.All persons above the age of 18 must register with the Inland Revenue Department.The retirement age of government and semi-government officials will be reduced to 60 years. Government employees above 60 years of age who are currently in service should retire on December 31, 2022. In future, fossil fuel-driven vehicles shall not be purchased for public service and only electronic vehicles will be purchased.A few selected local councils with minimum incomes will be attached to the nearest urban council or municipal council. Proposal to establish a branch of Kotalawala Defence University in KurunegalaRs. 680 million in default of payment to state banks (excluding interest) will be cut off.A subsidy of Rs. 10,000 per month for 61,000 families entitled to subsidisation.An additional allowance of Rs. 2500 for pregnant women.20 per cent of the total shareholding of Bank of Ceylon and People’s Bank will be entitled to depositors and employees.

MIAP

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