Analysing Finance Act 18: Going beyond the surface

KPMG Principal — Tax and Regulatory Suresh Perera

KPMG Manager, Tax and Regulatory Nadeesha Epa

The Finance Act, No. 18 of 2021 came into effect on 15 September after incorporating amendments emerged from the Supreme Court determination against the eight petitions filed challenging the constitutionality of the Bill. 

The Act grants the opportunity not only to disclose amounts which were not already disclosed under specified laws, but also to write off certain taxes, penalties and interests in default on already disclosed amounts. 

It enables individuals, corporates and unincorporated bodies including non-residents to declare their undisclosed taxable supplies, assets and income under defined Acts and obtain immunity from further investigations and assessments. The Act in detail stipulates the procedure to be followed in order to obtain the immunity granted under the Act. Further, the information disclosed under this Act will be granted official secrecy. 

In addition to the immunity, the Finance Act provides for write off of taxes, penalties and interests in arrears under certain laws specified in the Act subject to certain conditions stipulated therein. 

The Act has both pros and cons to taxpayers, and it is important the taxpayers are mindful of the possible risks associated with the implementation of provisions of the Act. The webinar ‘Analysing Finance Act 2021: Going beyond the surface’ organised by The Association of International Certified Professional Accountants (The Association), the unified voice of The American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) and delivered through CIMA in Sri Lanka will address the scope of the act, its pros and cons going into nitty-gritties and the possible risks associated with the compliance of the Act.

Join this complimentary online session on 9 November at 4 p.m. (IST) via Zoom, where the panel of tax experts, KPMG Principal — Tax and Regulatory Suresh Perera FCMA, CGMA and KPMG Manager, Tax and Regulatory Nadeesha Epa, clarify critical questions about this act.

For further information and assistance on the programme and registration, contact Kishnika Weeresinghe on [email protected] or call 075-790-3410.