Many Relief Measures in 2018 Budget

The annual budget for the financial year 2018 will be presented in Parliament by the Finance and Mass Media Minister Mangala Samaraweera at 3 p.m. today. This year’s Budget comes ahead of the Local Government polls to be held in January.

The Government’s budget are aimed at lowering the Budget-deficit, increasing state revenue and easing the debt burden. Finance sources said, the Budget will provide more concessions and tax exemptions to Small and Medium Scale Entrepreneurs and many other needy sectors, including exports, agriculture, IT, education and tourism etc. It hopes to achieve its revenue targets without burdening the low and middle income earners.

On the verge of presenting the budget in parliament today, the Finance and Mass Media Minister Mangala Samaraweera has made a public statement that special commodity tax on several essential consumer items had been reduced from midnight on 8 th and the relevant gazette notice published. Reduction in special commodity tax will have an impact on prices of essential consumer goods and the benefits should reach the consumers , he said. Special commodity tax revision is in respect of the following goods:

The Gazette Notification with regards to the reduction was issued yesterday noon. Finance Minister Mangala Samaraweera pointed out that the government will have to endure a cost of Rs.1.5 billion per month on this relief pack.
He also said the main focus of Budget 2018 will be on long term development measures, on education, industry, agriculture and Green Economy. Further he said, we had to face adverse weather conditions like floods and droughts. Changes in the global economy also had an impact drastically on the local economy. All these factors had led to the increase in cost of living. So it is important as a government to intervene at a time like this to give people relief as well,” Minister Samaraweera concluded.