Interim Budget next month
The stage is set next month to present the interim budget 2022 of the present administration headed by President Ranil Wickremasinghe in parliament as the initial step of resetting the governing system, Finance Ministry sources confirmed.
The Legal Draftsman is now drafting an amendment bill to the Appropriation Act 2022 using the inputs of the Ministry of Finance.
Based on the current crisis of food shortages and rising living costs, the Finance Ministry has amended the total expenditure estimate to Rs.4.6 trillion in the amendment bill from the previous total expenditure estimate of Rs.3.6 trillion.
Accordingly all expenditure and revenue estimates will be changed in the interim budget replacing budget 2022. Total revenue including tax revenue, non-tax revenue, Provincial Councils’ revenue and grants is estimated to be at Rs.2.06 trillion for 2022.
Economic Stabilisation Committee Head and former Treasury Secretary Dr. R.H.S. Samaratunga said the pre-2019 tax structure would be re-introduced with the aim of increasing government revenue.
The interim budget is basically aimed at providing relief for the low income families and vulnerable community, and lays the foundation for the country’s economy to stabilise and recover within a short period.
It will allocate considerable financial facilities for essential public services and relief for the poorest of the poor establishing a social security net for their survival.
Allocation for pension payment of retirees will be increased to Rs. 270 billion from Rs.210 billion while increasing Samurdhi relief to around Rs. 350 billion from Rs.100 billion, a senior Finance Ministry official said
It has also proposed to allocate Rs. 200 billion as incentives to low- income families as well as the Small and Medium sector.
Agricultural loans to farmers who have land below two hectares will be written off, he said, adding that the ownership of state urban housing units will be given to occupants who are now residing in these housing units on a monthly rent.
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