Taxation Institute Sri Lanka granted Chartered status

By Divya Thotawatte

The Sri Lanka Institute of Taxation (SLIT), incorporated under the Parliamentary Act No. 21 of 2000, was recently granted Chartered status under the amendment of the Parliamentary Act No. 13 of 2023.

The institute celebrated this achievement while announcing its new name as ‘Chartered Institute of Taxation of Sri Lanka’ (CIT), and rebranding itself with a new logo and values statement as well. CIT Executive Council President Ranil Abeywardhene said that the vision of the rebranded institute is to be the preferred centre of expertise in taxation in Sri Lanka, excelling in developing tax professionals, and enhancing the value for all stakeholders in enriching national prosperity.

“CIT strives to build tax professionals who are competent and confident as they acquire the extensive knowledge and training that our institute provides. Our aim is to develop the students into top class professionals and tax consultants, thereby facilitating the growth of our country,” Abeywardhene said.

CIT is the only statutory body in Sri Lanka that was established through a parliamentary act for the promotion of tax professionals. The institution has been engaging in initiatives to disseminate tax knowledge through the public. It provides membership to individuals with the successful completion of a two-year course that is followed by a VIVA interview.

Abeywardhene added that the potential tax professionals would be trained with regard to the values of CIT; being accountable, loyal, ethical, responsive, and timely, as they work with stakeholders and serve the country. 

“The curriculum varies from accounting to law to economy and basic management, and the course will be conducted in four levels. The education will also be paralleled with practical, on-the-job professional training,” Abeywardhene added.

Through the qualifications achieved from CIT, its students and members would be able to start their own freelance tax consultancy firms or work as tax practitioners for relevant companies. All CIT members would also gain statutory recognition and become authorised under Section 195 of the Inland Revenue Act, No. 24 of 2017 and in subsequent amendments.

Pic by Shehan Gunasekara