Seylan Bank hosts webinar for SMEs on taxation and benefits

Friday, 9 April 2021 00:00 - - {{hitsCtrl.values.hits}}

Continues to support the growth of the ‘backbone of the economy’

Seylan Bank Assistant General Manager - Branch Credit Ranil Dissanayake

Seylan Bank, the Bank with a Heart, recently hosted its latest webinar for Small and Medium Enterprises (SMEs) titled ‘Taxation for SMEs and Reliefs Offered during COVID-19 Period’.

Always focused on SMEs and with the wellbeing of the ‘backbone of the economy at heart, Seylan Bank continues to add value to the industry with this webinar, with an aim to support growth and provide holistic solutions for these businesses by enhancing their knowledge.

The seminar, conducted by Deepani Herath, Senior Consultant on Tax Services to PricewaterhouseCoopers and former Deputy Commissioner General of the Inland Revenue Department, focused on educating SME customers on the importance of meeting tax obligations and assisting them in ascertaining their tax dues. It explained the provisions for relief within the system, enabling them to make use of tax reductions made possible by the authorities.

Participating SMEs were also educated on the concessions provided to businesses in light of COVID-19, enhancing their understanding of tax liabilities and tax assessment, options to extend the period of payment for tax arrears and the extension of bank guarantees and non-refundable deposits. The session also covered maintaining the accuracy of financial statements, VAT compliance and other related areas.

Deepani Herath is a lecturer at the Institute of Chartered Accountants and the University of Colombo and has lectured at Sri Jayawardanapura University, Sri Lanka Institute of Taxation and the Association of Accounting Technicians Sri Lanka. She holds a Master of Business Administration from the University of Colombo and a BA in Economics with a First Class from the University of Sri Jayawardanapura. Herath contributed in preparing ‘Sri Lanka Tax Cases Volume IV’ and ‘Manual of Income Tax law 2000 /2001.2001/2002,2002/2003’.

“As a bank that expanded to the outskirts of the country from its inception to support the small and medium scale entrepreneurs building businesses from the ground up, Seylan Bank has always been aggressive in its support of SMEs. As the Bank with a Heart, we are driven by a desire to share knowledge and enable businesses to transform. With current market dynamics, we decided to conduct this webinar to help SMEs understand their tax obligations and legitimate ways of reducing their tax liability so that they can succeed and contribute to the success of the nation,” said Seylan Bank Assistant General Manager – Branch Credit Ranil Dissanayake, explaining the bank’s commitment to small and medium enterprises.

Small and Medium Enterprises form the largest component of the formal economy and were some of the most affected due to the COVID-19 pandemic and the economic fallout from it. However, they have also remained the most resilient and entrepreneurial in the face of adversity. The bank with a gamut of financial services, regional SME Hubs to expedite facility approvals and dedicated ‘SME Relationship Officers’ to support businesses not just in acquiring funds, but in managing and utilising them optimally, is fully geared to support this vital sector of the economy.