Key points in Sri Lanka budget
COLOMBO: The Budget Proposal for 2022 was presented in parliament by Minister of Finance Basil Rajapaksa.
The registration fee for new businesses will not be charged from youth in 2022, in a bid to encourage them to become local entrepreneurs and change their mentality of leaving the country.
The Budget Proposal for 2022 is be the first budget presented after the appointment of Basil Rajapaksa as the minister of finance.
The debate on the second reading of the Budget will run for seven days; accordingly, the vote on the first Bill is scheduled for Nov. 22, said Dhammika Dasanayake, the secretary-general of parliament.
The Committee Stage debate will then commence on Nov. 23, will be held for 16 days with the final vote on the Bill scheduled for Dec. 10.
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Key points of the budget proposals:
PRIMARY ACCOUNT DEFICIT TO SHRINK TO 2.8% IN 2022 FROM 4.7% IN 2021
PUBLIC REVENUE TO INCREASE TO 12.3% OF GDP IN 2022 FROM 9.4% OF GDP IN 2021
TOTAL FOREIGN BORROWINGS TO GROW TO 508 BILLION RUPEES IN 2022 FROM 489 BN RUPEES IN 2021
TOTAL GOVT EXPENDITURE FOR 2022 SEEN AT 3.9 TRILLION RUPEES, UP FROM 3.4 TRILLION RUPEES IN 2021
TOTAL GOVT REVENUE FOR 2022 ESTIMATED AT 2.27 TRILLION RUPEES VS 1.56 TRILLION RUPEES FOR 2021
SRI LANKA’S 2022 BUDGET DEFICIT TO BE 8.8% DOWN FROM 11.1% ESTIMATED FOR 2021
GOVT PLANS TO RAISE 50 BILLION RUPEES FROM NEW GOODS AND SERVICES TAX
GOVT TO INTRODUCE NEW POLICIES TO COLLECT 200 BILLION RUPEES IN LEAKED TAXES
FINANCE MINISTER SAYS HAVING AN IMPORT FOCUSED ECONOMY UNSUSTAINABLE, NEED REFORMS TO PUSH PRODUCTION, EXPORTS