Analysis of 2022 Budget Proposals in Tax Perspective
04:44 PM - Finance Minister Basil Rajapaksa
concluded his budget speech for the year 2022
04:37 PM - Public auctions to be conducted for
TRCSL licences for telecommunication companies.
04:36 PM - In the Perpetual Treasury scam, Rs. 8.5
billion has been earned unethically. It will be transferred to the
Treasury.
04:32 PM - A fine will be charged from motorists
who have been involved in road accidents
04:31 PM - Excise duty on cigarettes will be
increased by Rs. 5 with immediate effect.
04:30 PM - One off surcharge tax of 25% will be
introduced for companies
04:28 PM - Social contribution of 2.5% on turnover
will be imposed w.e.f 01.04.2022 if turnover exceeds Rs.120 Mn
04:26 PM - FVAT rate will be increased to 18%
w.e.f. 01.01.2022
04:25 PM - Rs. 100 Mn to be allocated for the use
of professional associations
04:24 PM - The government will provide 500 million
rupees for motorbikes for state employees
04:17 PM - 2,000 MW of new capacity to be added to
the national grid of electricity
04:09 PM - The budget speech has resumed.
03:41 PM - The budget speech has been temporarily
halted for 10 minutes
03:39 PM - Companies in the SME sector are
encouraged to establish industries in other locations except
Colombo, Gampaha and Kalutara with support in obtaining land,
electricity and water
03:35 PM - An allocation of Rs. 5,000 million will
be used to develop basic infrastructure
03:35 PM - A total of Rs. 1000 million will be
allocated to the batik and handloom industries
03:32 PM - Production of raw materials for the
apparel industry, rubber, sportswear, organic fertilizer, etc., will
be expanded to create an export-oriented economy.
03:30 PM - Additional one billion rupees will be
allocated to increase consumption of fresh milk
03:28 PM - 5,000 million rupees to be allocated for
agrotechnology development
03:25 PM - Farmers who use organic fertilizer will
receive various allowances.
03:23 PM - Market opportunities for fruits,
vegetables, and liquid dairy products in local and foreign markets
03:16 PM - It is encouraged to produce
Pharmaceutical drugs locally by the private sector
03:15 PM - Developments in the apparel sector are
expected to generate USD 1 billion in annual foreign exchange.
03:12 PM - A scheme to finance green bonds will be
established
03:10 PM - To encourage agroentrepreneurship, agro
parks and uncultivated land will be built and distributed among
young people
03:07 PM - In order to protect farmers and increase
their productivity, a Green Agriculture Development Act will be
introduced.
03:07 PM - Tax concession for investment in
international schools and hospitals
03:04 PM - From next year, there will be no
Business registration fee for startups
03:03 PM - The large 20% segment of taxpayers will
be taxed by a single consolidated unit.
03:01 PM - Restrictions will be imposed on
Importing rubber.
02:57 PM - Finance Act will be amended to remove
anomalies in various fees.
02:55 PM - Customs HS code anomalies will be
corrected, and a single window for importers and exporters will be
created
02:52 PM - Special goods and services tax will be
effective from 01.01.2022
02:48 PM - The retirement age of state sector
employees has been raised to 65 years - Finance Minister
02:13 PM - Finance Minister Basil Rajapaksa is
currently delivering the 2022 Budget to Parliament.
