Category: Budget
Budget 2025: Tax Relief on Interest Income – Exempting WHT Up to Rs.1.8Mn
The government has announced new provisions that will impact senior citizens and individuals with lower assessable incomes. Financial institutions will not deduct withholding tax on interest paid on deposits made by senior citizens, provided their assessable income from all sources does not exceed Rs.1,800,000/- for any year of assessment. Senior citizens must submit a declaration […]
Final draft of the Budget 2025 Presented for Presidential Review
The final draft of the Budget 2025 was presented for the review of President Anura Kumara Disanayake today (16) at the Presidential Secretariat. Secretary to the Ministry of Finance, Mahinda Siriwardana, was also attend at this occasion. The President, who also serves as the Minister of Finance, Planning, and Economic Development, is set to deliver […]
2025 Budget Must Meet EFF Program Parameters for Executive Board Approval: IMF
The International Monetary Fund (IMF) has stressed the importance of the 2025 budget aligning with the parameters of the Extended Fund Facility (EFF) program, as the Executive Board prepares for its upcoming review. Ms. Julie Kozack, Director of the Communications Department at the IMF, highlighted this during a recent press briefing. On November 23rd, 2024, […]
CA Sri Lanka submits budget proposals to support national revival and growth
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the country’s premier national accounting body, submitted a set of comprehensive proposals for consideration in the upcoming government budget for the year 2025. These proposals aim to bolster Sri Lanka’s economic revival and growth trajectory while promoting governance, transparency, and accountability to restore public […]
Vote on Account first; 2025 Budget early next year: NPP Economic Council
The new President plans to introduce a vote on account to cover expenditures until a fully-fledged budget is presented next year, according to Professor Anil Jayantha, Chairperson of the Economic Policy Committee of National People’s Power. “We are proceeding with a vote on account this year to facilitate the IMF’s third review,” Professor Jayantha stated. […]
”s Unveiling Critique of Budget 2024
● Blatant violation of the Fiscal Management Responsibility Act in Budget 2024, with budget deficit exceeding 5%. ● Staggering increase in poverty affecting 3 to 7 million people, highlighting a critical issue overlooked in the budget. ● Critique of the government’s “Oxymoron” economic approach and the absence of a comprehensive plan for making Sri Lanka […]
VAT exemptions will be limited to health, education & few essential foods: Deloitte Sri Lanka budget discussion
Deloitte Sri Lanka, part of the international auditing, consulting, and financial advisory giant, Deloitte Global, held a special “Budget Night” panel discussion on Sri Lanka’s Government Budget 2024, on the 13th of November 2023, soon after the Budget was presented to parliament by President Ranil Wickremasinghe, as the Minister of Finance. The panel comprised Dr. […]
Sri Lanka’s Ambitious Budget Agenda Faces High Implementation Risks: Fitch Ratings
The targets laid out in Sri Lanka’s budget for 2024 will be challenging to meet, even with the economic recovery that we expect to continue next year, says Fitch Ratings. Full Statement
Budget 2024: Pragmatic Implementation & Timely Execution Will be Key, says CCC
The Ceylon Chamber of Commerce considers the 2024 Budget as a crucial step in continuing the macroeconomic stabilization measures that began in late 2022, as a response to the economic challenges faced by Sri Lanka. The Chamber acknowledges that one of the main challenges faced by Sri Lanka’s economy has been macroeconomic mismanagement. The National […]