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Sri Lanka budget proposals 2011

November 26, 2010 in Sri Lanka, Sri Lanka Government

Summery of the budget Proposal 2011

Allocate Rs. 3,000 million to address economic difficulties of the servicemen and women who have suffered as well as their families.

Allowance of Rs 100,000 per family for live child birth of third child of families of armed forces.

Exports of finished goods – Free from CESS.
Exports of machinery, equipment and raw material -Reduced

Income Tax – reduced to 10% from 15 %
Income tax of all export companies – reduced to 12% from 15%
Income Tax of profit – reduced to 28% from 35%

Levy of US20 per bed on all five start hotels
Tax on income (from tourism and related business) – reduced to 12% from 15%

Importation of electric and highbred vehicles will also be exempted from excise tax and VAT in order to promote environmental friendly tourism

Remove VAT and Nation Building Tax on software

Reducing the local call charges to Rs.1.50 per minute from Rs.2
Levy of Rs.2 per minute for outgoing International calls

foreign exchange allowance granted to import raw gem stones from US$10,000 to US$50,000 per person.