Sri Lanka, March 6 -- Sri Lanka's budget 2019 estimates total revenue and grants of 2,464 billion rupees against a total estimated expenditure of 3,149 billion rupees.

The resulting budget deficit of 685 billion rupees is expected to be financed by foreign financing of 55 billion rupees and domestic financing of 630 billion rupees.

All income tax proposals will be effective from 01 April 2019 while VAT, NBT, and ESC will be effective from 01 June 2019. Duties and fiscal levies on imports, however, will be effective from today.

Income tax proposals include new exemptions introduced on sovereign bonds, including Sri Lanka Development Bonds.

Investment income of a company eligible for a concessionary rate of 14 percent is to be taxed at 28...