KPMG webinar on latest VAT Amendment Bill today

Friday, 8 September 2023 00:05 - - {{hitsCtrl.values.hits}}

KPMG Sri Lanka Principal Suresh Perera

Principal, Tax & Regulatory Rifka Ziyard

The KPMG Sri Lanka Academy will be conducting a Friday Mid-Afternoon chat on the “VAT Amendment Bill 2023 - A Bill to abolish SVAT & streamline VAT exemptions” on 8 September 2023 at 3.00 p.m.

The session will be conducted by KPMG Sri Lanka Principal Suresh Perera and Principal, Tax & Regulatory Rifka Ziyard. The presenters will share key insights on the amendments proposed, the impact stemming from the proposed changes, areas to focus on to mitigate the impact etc.

A Bill to amend the Value Added Tax Act was published on 31 August 2023. The Bill seeks to remove the Simplified VAT scheme and to streamline the VAT exemptions by reducing the numerous exemptions that are currently available in the Law. The removal of the SVAT scheme will have a significant impact, especially during the transition. Businesses should take cognisance of the status of the VAT exemption since being VAT liable entails many VAT compliance obligations and would also require changes to Invoicing systems currently adopted by the organisation.

For registrations contact Nirosha via 011-5426507 or [email protected] or Seneli via 0774446649 or [email protected]