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 A unified law to replace outdated labor laws.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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