2022 Revised Budget Sri Lanka- Expenditure Proposal Outline.

As the Minister of Finance, President Ranil Wickramasinghe presented the 2022 revised budget to Parliament this afternoon (30). Accordingly, the proposed revised budget proposals.

 From September 1, 2022, Value Added Tax (VAT) will increase from 12% to 15%.

Mandatory registration with the Inland Revenue Department for all eligible persons above the age of 18 regardless of annual income or tax exemption limits

The retirement age will be reduced to 60 years in government and semi-government institutions. Steps to retire all employees above 60 years of age in December 2022.

 Proposals to establish an independent National Debt Management Institute under the Treasury.

Proposals to attach selected local councils to the nearest Municipal Council or Municipality.

Proposals to give 20% of the total shareholding of Bank of Lanka and People’s Bank to depositors and employees.

Suggested to provide an interim allowance of Rs.2500/= for pregnant mothers.

Proposals to provide a subsidy of 10,000 rupees per month for 61,000 families who need to be relieved.

Proposals to waive Rs 680 million (excluding interest) due to farmers in default of payments to state banks.

Proposals to establish a branch of Kotalawala Defense University in Kurunegala.

Proposals to establish an Office for Sri Lankans Abroad which will act as a coordination center for getting the assistance of Sri Lankans to the country.

Proposals for the use of private sector investment for the development of railway transport services and the development of the Kelaniveli railway line as the ideal project.

Proposals to purchase only electric powered vehicles for government needs in the future and to suspend the use of fossil fuel powered vehicles in the future.