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Budget 2017 to restore public finance discipline
The government aims to make a sweeping revamp of public spending with Budget
2017, restoring financial discipline and making expenditure more efficient,
ensuring transparency and holding implementers including project directors
accountable for delivering results so that citizens get a better service and
value for money. Preparation of Budget 2017 would continue to be based on the
Zero Based Budgeting technique with some features of Performance Based Budgeting
where funds are earmarked to achieve a set of results identified in a ‘Results
Framework’.
Businesses should expect capital markets to be more volatile in the
months ahead with the uncertainty created by Britain’s vote to leave the
European Union, Central Bank Governor Indrajith Coomaraswamy told a panel
discussion on the impact of Brexit on business, organised by the Shippers’
Academy Colombo.
Good occupancy rates and revenue generation by Renuka City Hotel resulted in the
hotel winning Booking.com’s Award for Best Performance in 2015.
German Training Institute opens in Kilinochchi :
The newly opened Sri Lanka German Training Institute in Kilinochchi has
received applications from young people around the country. “A 25% of the
applicants are women,” German Ambassador Juergen Morhard said.
With the debate whether the upward revision of the Value Added Tax (VAT) should
be enforced or done away with, industry personalities expressed the need for an
effective enforcement mechanism to collect taxes from businessmen and
professionals. Corporate personalities said imposing or increasing taxes must be
done with thought and managed properly. |
