2021 Budget [LIVE UPDATES]

(FASTNEWS | COLOMBO) – Prime Minister and Minister of Finance Mahinda Rajapaksa commenced to present the Second Reading of the Appropriation Bill for the Financial Year 2021 in Parliament, a short while ago.

LIVE UPDATES

4:57 PM – Prime Minister Mahinda Rajapaksa concluded the 2021 Budget speech.

4:53 PM – An additional allocation of Rs. 5,000 million will be made to provide pipe borne water connections to 450,000 houses in 2021, together with the improvements in community drinking water development programmes, and reservoirs and water sources.

4:50 PM – To facilitate 12,000 of the most rural of villages to be connected to the external environment, we will allocate Rs. 7,000 million, to expedite the construction of 10,000 rural bridges which have been designed to provide motorable access to small vehicles.

4:48pm- An allocation of Rs. 3,000 million will be available to provide the required teachers and basic facilities to the rural schools, along with the 1,000 National School Development Programme to be implemented at the Divisional Secretariat level.

4:46pm – Retirement age for both men and women to expand up to 60-years.

4:44pm- Employees Provident Fund act to be amended

4:40pm- Sri Lanka Air Force Surveillance to be increased

4:35pm-Rs. 5,000 million is allocated to improve rural hospitals, dispensaries, and maternal clinics.

4:28pm- State employees to be granted leave up to two years for overseas education

4:25pm- Rs. 3000 million allocated in solution of a human-elephant conflict.

4:23pm- Import tax to be reduced on motor vehicle spareparts

4:21pm- Construction of 50,000 houses already underway under the Urban Development Authority provided a 25 year loan with an interest rate of 6.25% granted for applicants of these state housing projects.

4:19pm- Bilateral agreements to be reviewed, to ensure national security and SL non-aligned stance.

4:17pm- Rs. 5000Mn allocated for the development of rural hospitals.

4:15pm- Import levies on the motor vehicle industry to be provided tax relief.

4:12pm- Permission for non-executive government officials to engage in additional occupations after official hours of duty granted.

4:10pm- Tax relief for textile and hide manufacturers. A three year tax relief period granted for Gem businesses

4:08pm- Production of disposable polythene and plastic will be banned with effect from the January 1, 2021.

4:06pm- Rs. 20,000 mn to develop the infrastructural facilities to expedite the process of resolving pending cases in courts.

4:04pm- A ten-year tax relief on recycling sites for its investors.

4:02pm – Electricity consumers assured a sustainable and renewable energy supply by 2023 with 70% of Sri Lanka’s energy supply being sourced from renewable energy sources.

4:00pm- Repayment of Refinancing Loan facilities provided by Central Bank of Sri Lanka (CBSL) to tourism sector extended until September 30, 2021.

3:58pm – A contributory pension scheme introduced in 2013 for Sri Lankan foreign employees to be implemented.

3:56pm- Lakvijaya and Kerawalapitiya Power Plants to be strenghtened to supply interruption free power through years 2021-2022.

3:55pm – Construction of the national expressway to be expedited. Colombo’s Marine Drive to be extended to Moratuwa.

3:53pm -Manufacturing Train compartments will be developed as a local industry

3:51pm- Railway network including Colombo and Kelani Valley to be expanded with a Rs. 1300mn investment.

3:48pm – 25 districts to be covered under a three year programme to develop road infrastructure.

3:47pm- A 300 MW Coal Power Plant and two 600 MW Natural Gas Power Plant to be constructed soon.

3:45pm- The daily wage of a plantation worker will be increased up to Rs. 1000.

3:44pm – Artificial running tracks in Kurunegala, Jaffna, Torrington, Bogambara and Diyagama sports grounds to be built

3:43pm – Sports City in the Sooriyawewa area with new technology facilities for international cricket.

3:42pm – Measures to establish walking tracks and connected common facilities within municipal council and urban council areas

3:38pm- Rs. 150 million allocated for local fisheries development

3:35pm- A strong legal system for the archeological heritage management.

3:33pm- Rs. 250 million to develop basic infrastructure of temples in rural areas.

3:32pm- – Priority given to strengthen Sri Lanka Navy to control the drug menace and prevent the country from becoming a hub for international drug traffickers.

3:31pm – Measures to minimize taxes levied by local government bodies from tourism related business.

3:30pm- Rs. 10,000 million allocated to establish new technical colleges in Colombo, Kalutara, Kandy, Anuradhapura and Batticaloa

2:54pm – Sports complexes to be built for the 2032 Olympics

2:52pm – 10 sports schools with artificial running tracks to be developed

2:50pm- Additional funds of Rs. 3,000 million to initiate a scholarship programme to provide a Rs. 4,000 monthly allowance to students receiving vocational education based on their active participation.

2:48pm- Funds of Rs. 20,000 million to tri-forces to develop infrastructure and assist their various tasks.

2:47pm- Rs. 18,000mn additional provisions to combat COVID-19

2:46pm – Establishment of New city universities in each district to cater to students pursuing popular subjects.

2:45pm- Measures to increase female participation in national sports.

2:44pm – Tax concession to encourage local companies for stock market listing

2:42pm – A relief system to pay National Building tax (NBT)

2:40pm – Government is expecting to achieve 6 percent economic growth next year

2:38pm – Limit on borrowings for the financial year 2021 has been set at Rs. 2,900 billion.

2:36pm- Companies with more than 50 employees must introduce an insurance scheme for its workers.

2:35pm- A five-year tax relief for private educational institutions.

2:32-pm- Technical colleges annual intake to be increased to 200,000 students per year.

2:31pm – New investment zone will be introduced for local and foreign investors.

Measures to improve the State Pharmaceutical Cooperations production capacity.

2:30pm – 1,500 million allocated to increase Thriposha production.

2:29pm – All schools to be given with internet connections and E Thaksalawa, Gurugedata TV Channel to go through reforms for online casting and telecasting Rs 3,000 million allocated

2:27pm- Special emphasis for the digitalization of the state sector

2:26pm- Five technological parks across the country to be established.

2:25pm- Sri Lanka Police service to be strengthened.

2:24pm- 750 million for housing, health, education and entrepreneurship needs of retired, injured military servants (Ranaviru Seva Authority).

2:22pm- An additional amount of Rs. 2500 mn for public security.

2:20pm – Commodity trading hub to be implemented at Colombo and Hambantota ports to aid activities

2:18pm – Special tax on cigerrete , gaming, tele-communication and mortor vehicles which contribute more than 50% of the tax revenue.

2:17pm – New laws to punish tax officers who help in tabling fraudulent tax accounts.

2:15pm – A special Court of Appeal to hear public complaints pertaining to tax.

2:13pm – Samurdhi Life Savings Accounts for Samurdhi beneficiaries.

2:12pm – Business which earn a monthly income of more than Rs. 25 million the 8% VAT will continue

2:11pm – The PM also said that a special goods and services tax will be introduced.

2:05pm: The government is expecting to achieve 6% economic growth, said the PM.

2:00pm – The government’s objectives of ensuring a free and improved health service to combat Covid-19 and Non-Communicable diseases, said the PM.