Sri Lankan Another Important landmark evens tommorrow. Yes all of eyes looking BUDGET - 2012. Srilanka government 65th budget of the Independent Sri Lanka is to be presented to the Parliament at 1.30 p.m. on 21st of November by His Excellency the President, Mahinda Rajapaksha. This budget for the year 2012 is the 34th budget of the Democratic Socialist Republic of Sri Lanka and the third budget of the seventh Parliament of the Democratic Socialist Republic of Sri Lanka.
It hopes the Sri Lankan government's forthcoming budget for 2012 would maintain consistency in investor and tax policies. A statement said the Chamber had asked the government to at least maintain the current tax structure for a period of three years. Any changes in the budget to be presented next Monday should be to correct anomalies and to make the tax system more effective, it said.
The government had introduced significant reforms to the taxation system with its budget for 2011 which were largely in line with recommendations made by the Chamber. In its latest submissions for the forthcoming budget, the Chamber said it asked the government to, "in the least, maintain the current tax structure for a period of three years," the statement said.
"From a policy perspective the Ceylon Chamber highlighted the need to have a better facilitative framework for investments and exports, and clear and consistent investor and exporter friendly policies as we believe that these are two vital areas for the Sri Lankan economy for the next few years." The Chamber last week had called on the government to defer a controversial expropriation law passed by parliament that rating agencies have warned would deter investors who fear policy inconsistency.
Private Sector Investment
The Government has estimated that private sector investments have to increase from the current level of 21-22 percent of GDP to about 26 - 27 percent so more actractive tax benefits and Infrastructure facilities gives, like leasing, Financial Facilities...
. The large investments will fall within the Strategic
Development Projects Act. The process for investment
approval and facilitation is unclear and that it has led to much confusion
Export and Import
This year budget more concern Substitute goods development. Due to more foregin earning gone through imports and also exporter seeking new market because Srilanka 50 % Export market US and UK facing Economic problems so Srilanka seeking new market so Exports get some helps like Imvestment advice markget Reserch reports.
Exports to GDP has dropped from over 30% of GDP in year 2000 to a mere 16.7% as at end 2010.
Public and Private Sector Expectation
Cost of live hike but salary not more so all of the them focus budget benefit but its questionable how far it increased?
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