Budget bargains

Saturday, 24 September 2011 01:36 - - {{hitsCtrl.values.hits}}

UNP Leader Ranil Wickremesinghe yesterday proposed that the committee stage debate of the 2012 Budget be limited to main ministries while a committee is appointed to discuss the rest of the ministries.

Wickremesinghe has proposed in the House that since there is a large number of ministries, debating the main ministries during committee stage would help save time.

He has added that a committee could be appointed to discuss the allocations for the rest of the ministries.

According to Wickremesinghe, the committee could prepare a report and present it to the House for approval.

The Government however has not responded to Wickremesinghe’s proposal. Budget 2012 is expected to be presented in Parliament on 15 November.

Earlier it was reported that the Budget would likely contain a 10% salary increase for all public officials as well as significant tax incentives for local investors. The Inland Revenue Head had stated that this was to encourage more projects and business expansion by the private sector.

However, the International Monetary Fund in its last review advised the Government not to make too many tax changes and focus on building predictability for greater confidence from international investors.