INSUBCONTINENT EXCLUSIVE:
The State Minister of Finance, Shehan Semasinghe says the 2024 Budget, characterized by formal economic management, has been unveiled to
budget to extend relief to those significantly impacted by the economic downturn.Furthermore, there is a deliberate commitment to fostering
the establishment and support of small and medium-scale businesses as part of the comprehensive economic strategy, he added.Expressing his
budget presented this year has laid the groundwork for growth across various sectors of the economy
To foster economic growth, it is imperative to restore the country to the pre-crisis economic levels
The groundwork for this resurgence was established in the previous budget
situation, unable to produce a comprehensive budget document
At that critical juncture, the country grappled with profound economic downturn and political-social turbulence, marking a significant
Additionally, the government anticipates a 1.8% economic growth for the upcoming year, with aspirations to surpass that target and achieve a
growth rate of 2% or more
Of particular significance is the commitment to achieving debt sustainability, thereby emphasizing meticulous attention to debt
challenges faced by population groups severely affected by the on-going economic crisis
Special consideration has been given to public servants, who have not seen a salary increase in many years
Consequently, the government has taken the initiative to grant an additional allowance of Rs
individuals receiving disability allowances and those receiving elderly allowances
businesses, which faced significant challenges, have been a focal point
The current budget allocates over Rs
30 billion for their rehabilitation
A structured system has been devised to facilitate their access to credit facilities, offering subsidized interest rates in the single-digit
Furthermore, the government has lifted restrictions on imports, excluding personal-use vehicles, in a move aimed at fostering greater
Noting the significant milestone, he projected estimated state revenue of Rs
3,101 billion by December 31, surpassing the Rs
3 trillion marks for the first time in history
Comparatively, the revenue as of last 17 stood at Rs
2,394 billion, with contributions from the Inland Revenue Department Rs
1,415 billion, Sri Lanka Customs Rs
832 billion, and the Excise Department Rs
147 billion.As the year draws to a close, he said an estimated income of Rs
3,101 billion is anticipated from the combined efforts of the Inland Revenue Department, Sri Lanka Customs and the Excise Department
Additionally, a further Rs.369 billion is expected to be generated in the coming days
This additional revenue comprises Rs.154 billion from the Inland Revenue Department, Rs
136 billion from Sri Lanka Customs and the remaining Rs
33 billion from the Excise Department.Consequently, by December 31 of this year, a total state revenue of Rs.2,719 billion is anticipated
However, if efforts align with the estimated target for 2023, this figure would represent the highest state revenue ever recorded in the
Notably, the daily income of Sri Lanka Customs has currently reached an impressive Rs
The aspiration is to achieve a revenue target of Rs
