Shirajiv Sirimane
Sri Lanka budget deficit could reach up to 6.5% to 6.8% of GDP, said Minister of Finance Ravi Karunanayake.
Speaking at Malaysia Business Council organized Vision for 2020' event, he said that long-term regulations would be spelled out at the 2015 budget. The Minister also said that simple taxation methods would also be introduced while the number of different taxes too would be reduced. "We expects more revenue from fewer taxes from the budget."
Clarifying on the invitation he made requesting Sri Lankans who had deposited money in Swiss banks, he said that the money can be used for the development of the country.
"We will pay more interest than what the Swiss banks are paying as it is still cheaper to use their money for development rather than borrowing from other sources at high interest rates. This would be a win win situation for both parties."
He said unlike the past, the Ministry has already received over 875 proposals from cross section of the society to be included to the budget and they were keenly following them.
Minister also said that e-commerce would be given a high priority and from 2016 all salaries would go directly to banks. "There will be no cash payment of salaries."
Asked by the audience about the depreciation of the rupee, he said that it would be a temporary situation and would strengthen with more inflows to the country expected soon.
He said going towards the 2020 era, new labour laws too would be introduced that would bring benefit to both employer and employee.
He said that Tourism too is a good foreign exchange earner but cautioned that the product should not be over priced.
He also said that the government was not keen to offer new licenses to operate Casinos.
www.dailynews.lk
Sri Lanka budget deficit could reach up to 6.5% to 6.8% of GDP, said Minister of Finance Ravi Karunanayake.
Speaking at Malaysia Business Council organized Vision for 2020' event, he said that long-term regulations would be spelled out at the 2015 budget. The Minister also said that simple taxation methods would also be introduced while the number of different taxes too would be reduced. "We expects more revenue from fewer taxes from the budget."
Clarifying on the invitation he made requesting Sri Lankans who had deposited money in Swiss banks, he said that the money can be used for the development of the country.
"We will pay more interest than what the Swiss banks are paying as it is still cheaper to use their money for development rather than borrowing from other sources at high interest rates. This would be a win win situation for both parties."
He said unlike the past, the Ministry has already received over 875 proposals from cross section of the society to be included to the budget and they were keenly following them.
Minister also said that e-commerce would be given a high priority and from 2016 all salaries would go directly to banks. "There will be no cash payment of salaries."
Asked by the audience about the depreciation of the rupee, he said that it would be a temporary situation and would strengthen with more inflows to the country expected soon.
He said going towards the 2020 era, new labour laws too would be introduced that would bring benefit to both employer and employee.
He said that Tourism too is a good foreign exchange earner but cautioned that the product should not be over priced.
He also said that the government was not keen to offer new licenses to operate Casinos.
www.dailynews.lk
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