Budget 2023 Instant Updates and Highlights

President Ranil is to present the 2023 Budget in parliament today.

Stay tuned for instant updates.

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 A unified law to replace outdated labor laws.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.