President Ranil is to present the 2023 Budget in parliament today.
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- An insurance fund is to be introduced for private sector employees.
- Presidential Commission to be appointed to restructure state institutions and the state service.
- Under-utilized land to be provided for export crop cultivation on a long-term basis.
- Several import taxes are to be reduced or abolished gradually from 1st January 2023.
- Fees charged by Immigration and Emigration Department to be increased.
- Rs.2 tax imposed on beedi.
- EPF Act to be amended.
- Data Protection Authority to be established.
- Rs. 200 million allocated to develop specific rural schools from budget 2023
- Internet connections are to be provided to 1,000 rural schools.
- 75 students to receive fully funded scholarships to follow degree courses overseas.
- Safety stickers are to be introduced for drinking water bottles.
- Three Postgraduate Medical Degree awarding institutions are to be initiated.
- Rs.100 million was allocated to establish an excise laboratory facility to test the quality of alcohol products.
- Non-customs taxes will be phased out. Cess is to be phased out in 3 years, and Port & Airport Development Tax is to be phased out in 5 years.
- Measures to increase the capacity of fish hatcheries to boost the freshwater fisheries industry.
- Many programs ensure food security. All info on food security is to be implemented through an online system.
- From March 1, 2024, all government payments will be made only through an electronic system.
- A new Medical Faculty for Uva-Wellassa University.
- Scholarships are to be offered to 75 youth who pass their degrees with distinction to pursue postgraduate degrees at foreign universities.
- The merit-based approach to university admission will be gradually increased to 50% from 2024.
- A program to develop maritime tourism. Three new maritime tourism promotion zones for East, South & West.
- A new program to identify and analyze new development projects and programs of the government.
- New department for the development of the Cinnamon industry.
- Digital technology to be utilized for economic & social transformation.
- The land provided for agricultural exports. Underutilized, uncultivated land to entrepreneurs for the production of export goods on a long-term lease basis.
- New policies for the labor market. A unified law to replace outdated labor laws.
- Many new economic zones include the West, North West, Hambantota, and Trincomalee. A special legal framework for this purpose.
- A fully empowered centralized body for the promotion of foreign trade & investment. In this regard, the existing government institutions will be merged into this institution.
Full Budget Speech can be accessed here.
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