Opposition Leader MP Sajith Premadasa says the Appropriation Bill for the fiscal year 2024 presented by the President is a ploy to deceive the people of the nation.

President Ranil Wickremesinghe presented the Appropriation Bill for the fiscal year 2024 in Parliament today.

Speaking to reporters following the Budget speech, MP Premadasa said a retail budget has been presented by the President because the income targets of the agreement with the International Monetary Fund (IMF) could not be completed and they are unable to obtain the second IMF tranche.

MP Premadasa pointed out that before talking about the program to strengthen the lives and livelihood of the working people in this budget, the authorities should consider how many proposals of the 2022 budget have been implemented.

He added that the government has failed to implement a large number of proposals that were promised in the Budget 2022.

Also speaking to reporters in Parliament, Opposition MP Dr. Harsha de Silva revealed that the President’s Budget for the year 2024 involves high risk in many areas.

MP de Silva explained that the proposed increase in Value Added Tax (VAT) from 15 to 18% removes all exemptions that had been provided earlier and will severely impact Small and Medium Scale enterprises.

He further said that the Social Security Levy will see a reduction in the threshold that had been offered.

Raising concerns over the proposed increase in the loan borrowing limit, the MP questioned where the loans are to be borrowed from and the impact it will have on interest rates.

Stating that the President has failed to address these in his budget speech, MP Harsha de Silva said these facts will be only revealed when the government starts issuing the relevant Gazette notifications.

The opposition MP also hinted that the President has delivered his budget speech in anticipation of an election next year.