CIMA seminar on amendments to tax statutes in 2014
Tuesday, 8 July 2014 00:12
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CIMA Sri Lanka will be conducting a seminar on ‘Recent Tax Amendments’ on 11 July from 1:30 p.m. to 5 p.m. at CIMA auditorium.
The presentation to be made by Suresh R.I. Perera, Attorney-at-Law KPMG will be followed by a panel discussion moderated by Hasitha Premaratne, Chief Financial Officer, Brandix Lanka Ltd. The panellists joining the discussion will be Sanjivani Jayawardena, Director, Lanka Milk Foods Ltd. and Director, Hatton National Bank; Dirk Pereira, Director and Chief Executive Officer, Union Assurance PLC; D.R.S. Hapuarachchi, Commissioner Secretariat Branch, Department of Inland Revenue; and speaker Perera.
Amendments to several tax statutes were certified by the Speaker of Parliament recently. This include amendments to the Inland Revenue Act, Value Added Tax Act (VAT), Nation Building Tax Act (NBT), Economic Service Charge Act, Telecommunication Act, Customs Ordinance, etc.
The presentation and the discussion will address significant amendments to the tax statutes and would encompass the application of VAT on wholesale and retail, the extension of VAT to group companies, the deem VAT liability on VAT exempt products and the erosion of concept of taxing value addition in the Sri Lankan VAT statute, etc.
The extension of NBT to banking and finance, which had been an excepted service in the past, would also be a focal point. Whilst NBT is a tax on the top line, the computation of NBT on banking and finance is based on the value addition.
The adequacy of tax amendments introduced to achieve tax neutrality for the process of segregation of life insurance business from general insurance would also be analysed to seek further tax reforms to ensure the success of the policy. In addition the framework for providing tax incentives for consolidation of financial industry would also be analysed.
The ‘professionals’ were a focal point in the last budget and significant concessions were granted to such ‘professionals’. Who would qualify to enjoy the concessionary rate of tax? What are the other tax incentives available for professionals in Sri Lanka? This discussion would enlighten both the professionals as well as HR personnel in an organisation on tax concessions available to the professionally qualified employees of the organisation.
The presentation would also enlighten on tax incentives available for export related services, SMEs, shipping industry, capital markets, etc.
This half a day Mastercourse is scheduled to take place on Friday 11 July from 1:30 p.m. to 5:30 p.m. at the CIMA auditorium. Details and registration forms could be obtained by contacting CIMA Sri Lanka via email on [email protected] or by calling CIMA on 0112 503880.Please reserve seats early as registration would be on first come first serve basis.
