Sri Lanka Institute of Taxation re-elects President and Ex-Co for another year

Seated from left: Treasurer Dileepa Panapitiya, Secretary Ramesh Kumar, President Ranil Abeywardhene and 

Vice-President Ruwan Gamage

Standing from left: Council Members Dr. Sivaji Felix, Sampath Munasinghe, Ranga Nanayakkara, Mahie Nuwan, Shohan Wijesinghe, Prabath Weeransinghe and Gayan Karunarathne 

The AGM of Sri Lanka Institute of Taxation (SLIT) held recently saw the present Executive Council being reappointed to hold the office for another year.

SLIT said the move is a clear mandate by the members with the immense confidence vested on the present council for the work process already initiated within the short six-month period from the initial appointment.

The Executive Council elected to office with the votes of the majority members, comprise veteran tax consultants from both private and public sectors. Three of its council members are appointed by the Ministry of Finance and eight members are elected through the preference voting carried out at the AGM. The President and the Executive Council expect to implement Continuous Professional Development programmes to sharpen the skills and competencies of the members.

The institute has already implemented its new curriculum in order to cater the demanding needs of the regulatory and economical aspects. In addition, the institute shall unveil its new code of conduct to sustain professional practice across the members.

It is expected that the Institute shall be recognised as Chartered Institute of Taxation of Sri Lanka before the end of September 2023 taking a new leap in the field marking its presence as a reputed institute recognised by both Government and private sector for the service rendered in promoting tax education in Sri Lanka.

The Executive Council of the institute has also organised many other events including educational and recreational activities for its members throughout the year and they humbly request the public to join hands with them and to become a partner of success.

SLIT was incorporated under the Parliamentary Act No. 21 of 2000, and established for the dissemination of tax knowledge across the country has a membership fraternity over 350 in numbers.

It is the only statutory body incorporated in conducting professional courses specialised in taxation and disseminating tax knowledge to the public. The institute is in the pursuit of establishing “Taxation” recognised as a separate profession with legal recognition from the Government. In addition, it is also in the process of establishing “Tax Consultancy” incorporated into the statutes of taxes.

One of the salient objectives of the Institute is to increase tax compliance in the country thereby to facilitate reducing the debt burden in the country and enhancing national development. Currently the members of the Institute are already recognised authorised representatives under section 195 of the Inland Revenue Act No. 24 of 2017 and its subsequent amendments.

Students who have undergone the process of the examinations including the “viva” presentations, are enrolled as members of the Institute, and would be entitled to hold the title of ATTI – Sri Lanka (Associate member of the Sri Lanka Institute of Taxation). Fellow members are recognised with five-year experience after the associate membership is offered and entitled to hold the title FTII – Sri Lanka (Fellow member of the Sri Lanka Institute of Taxation).