Sri Lanka Budget 22 Highlights

Source:Brisbane 4EB Sri Lankan Newsletter – Dæhæna – December 2021

New Taxes and Levies

Surcharge Tax at25% on persons with taxable income exceeding Rs.2 billion. Social Security Contribution on liable turnover exceeding Rs. 120 million at the rate of 2.5% to be introduced. Fees to be levied in relation to motor vehicles.
Development of the Agriculture Sector

An allocation of Rs. 39 billion for the promotion of usage of non -toxic weedicides and organic fertilizers with an allocation of Rs 22 Billion for the introduction of new agro-technologies.

Consolidation of taxes as a Special Goods and Services Tax

A Special Goods and Services Tax to be introduced on telecommunication, motor vehicles, cigarettes, liquor, betting and gaming in lieu of various taxes and levies imposed under different Acts and administered by different Government Departments Courtesy: KPMG Sri Lanka Budget Analysis

Infrastructure Development

An allocation of Rs 49 billion for the “Water for All” programme with the aim of providing uninterrupted clean drinkable water supply. An allocation of Rs 68 billion for the “Vari Saubhagya” programme with the aim of developing the irrigation system. An allocation of Rs 280 billion for the National Road Development programme.

Courtesy: KPMG Sri Lanka Budget Analysis