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Jan 29, 2015

Mini Budget Summary 2015

► Prohibition imposed on Ministries and state institutions from publishing promotional newspapaper advertisements

► Special committee to be set up ro resolve issues caused by irregular finance bodies within six months

► Public transportation costs to reduce by 50% for senior citizens

► Every citizen to have a bank account - can be opened in commercial banks with an initial deposit of Rs. 250

► Sri lankan Airlines and Mihin Lanka to be merged to reduced the losses

► Sri Lankan Airlines and Mihin Airlines have incurred heavy losses  - within five years over Rs. 100 billion due to manangement inefficiencies/ Mihin Air Rs.15 billion during the past five years.

► Dahami Diriya for Sunday school teachers - a monthly sum of Rs. 200 to be paid

► Rs. 250 monthly allowance to be paid to pre-school teachers

► Mahapola scholarship fee to be increased upto Rs. 5000

► Special facilities for disabled war heroes - special loan scheme named Viru Diriya to be introduced in state banks/ maximum borrowing Rs. 500,000

► Rs. 1.5 million permit fee will be charged from vehicle importers (irrelevant of whether the imported vehicles are brand new/reconditioned)

► The government has waived off the 25% tax paid by customers when reloading phones

► Rs. 1000 million tax imposed on television stations dedicated to sports

► One time tax of Rs. 250 million to be paid by mobile phone operators

► One time tax of Rs. 250 million to be paid by telecommunication providers

► Marriage registration fee to be reduced up to Rs. 1000 from Rs. 5000

► The number of liquor shops per proprietor to be reduced upto three / Liquor permit value to be increased by twofolds

► Casino business-owners to pay Rs: 1000 millionas a tax - first payment to be made before April.

► Extra Rs. 5000 million to be gained through a container scanning process with effect from September

► Vehicle assembly plants have neglected their income-tax payments during the previous regime. Rs. 12,0000 million revenue expected through prompt payments

► Cement prices to be reduced by Rs. 99

► Vehicle taxes reduction 15% for vehciles with engines below 1000 CC

► Super-gain tax - any company of which the profict exceeded Rs. 2000 million  - tax amout worth 25% off its profit will be charged

► Mansion tax - Rs. 1 million per annum will be charged for houses of which the value is estimated at Rs. 100 million or exceeds 5000 sqft

► Gold jewellery pawned to banks  - that don't exceed Rs. 200,000 -  interest will be waived off

► 12.5kg gas cylinder price reduced up to  Rs. 1596 (Rs. 300 reduction)

► 13 Essential goods price reduction by removal of taxes - with effect from midnight

  1. Sugar: Rs. 10 reduction  - tax reduced from Rs. 28 up to Rs. 10
  2. Milk powder 400g packet will be Rs. 325 (maximum retail price) - reduction of Rs. 61
  3. Sustagen milk powder to be reduced by Rs. 100 (400g)
  4. Flour prices reduced by Rs. 12.50 per kilo
  5. Bread - reduced by Rs. 6
  6. Green grams -  reduction by Rs. 40 per kilo
  7. Sprats: Reduction of Rs. 15
  8. Canned fish - Reduced by Rs. 60
  9. Coriander - Reduced by Rs. 60 per kilo
  10. Maldive fish - taxes reduced by Rs. 200
  11. Canned fish - Reduced by Rs. 60
  12. Coriander - Reduced by Rs. 60 per kilo
  13. Chilli powder - Reduced by Rs. 25 (powdered)

► School van fees reduced by 5%

► Electricity consumers will be encouraged to use solar power

► Kerosene reduced by another Rs. 6 per liter

► A sum of Rs. 2000 billion to be allocated to the fund reserved for kidney patients

► Budgetary allowance for education sector will be increased by 6% off the GDP systematically

► Decentralized budget for ministers will increase by Rs. 5 - 10 million

► Fresh milk price buying price to be increased by Rs.10

► To improve agricultural sector, hand tractors will be given away at concessionary rates / fertilizer concession will be continued + the quality will be increased.

► 50% of the loan amounts borrowed by farmers to be waived off

► An allowance of Rs. 20,000 to be paid for expectant mothers

► Senior citizens with Rs. 1 million in their bank accounts to be given 15% interest rate

► Reviewing of pensions - Increase of Rs. 1000 with effect from April

► During past seven years 5000 million USD due to losing GSP+

► Request made for private sector employers to increase the salaries of private sector employees Rs. 2500

► Rs. 2.5 billion saved by cutting down on the number of Ministers

► All loans taken during the past government has to be paid by this govenrment to which includes 15 million USD loan taken for security purposes

► Salaries of state sector servants incresed by Rs. 10,000 - Rs. 5000 will be given in February/ remaining Rs. 5000 in June- Thereby state sector employees' salaries increased by 47%

► We believe in uplifting and developing the lives of every citizen of this country - not just a selected few - Ravi K

► Expenses of presidential secretariat - 2014 Rs. 10,4970 million / estiamted cost for 2015 was Rs 95,930 million but it has been brought down to Rs. 2560 million

► True figure of state debts concealed by previous regime - currently it stands at Rs. 8.81 trillion

► True figure of debt per person is Rs. 427,220 - Minister Ravi K

► Minister Ravi K lists out details of financial losses incurred due to borrowings/developmental projects of the previous regime that has resulted in an added financial burden to the people

► Loss incurred by hedging deals is 60 million USD