International Fiscal Association (Sri Lanka Branch) seminar on taxation

The International Fiscal Association (IFA) was established in 1938 with its headquarters in Netherlands. It is the only non-governmental and non-sectoral international organisation dealing with fiscal matters. Membership of IFA now stands at more than 12,500 from 111 countries. In 68 countries, IFA members have established IFA Branches. Direct membership is possible in countries where there is no IFA Branch as yet.

The objects of the IFA are the study and advancement of international and comparative law in regard to public finance, specifically international and comparative tax law and the financial and economic aspects of taxation.

IFA exerts its influence through its Annual Congresses, at Branch level and through scientific research. Although the operations of the IFA are essentially scientific in character, the subjects selected take account of the current fiscal developments and changes in local legislation. In many jurisdictions, the IFA Branch plays an active role where issues of international taxation are concerned, be it in a formal or informal way.

An annual Congress, hosted by one of IFA’s Branches, provides an opportunity for an exchange of knowledge and experience with respect to fiscal law. These Congresses attract some 1400-2200 participants and accompanying persons. They afford the scope for useful contacts with leading experts in the fiscal field, both as part of the official program and in the course of private discussions. 

Two subjects are selected each year by the Permanent Scientific Committee. These subjects form the basis of exhaustive discussions, normally resulting in some sort of a concluding statement or recommendation. The Annual Congress for the year 2016 is scheduled to be held in Spain, Madrid from September 25, 2016 to 30 September 2016. 

Further, the IFA Branches hold meetings and seminars on topical issues including international taxation to which their members are invited to attend. Keeping in line with this, the International Fiscal Association (Sri Lanka Branch) will hold a seminar on Taxation at the Hotel Ramada on Wednesday, 4 November from 8.45 a.m. to 1.15 p.m.

The objective of the seminar will be for the participants to receive firsthand information about the amendments to the Inland Revenue Act, Value Added Tax Act and other Acts arising from January 2015 Interim Budget and Budget 2015. The Speakers and the Panelists will analyse and discuss the most recent fiscal amendments and the consequential effects on taxpayers. The keynote address will be delivered by Ravi Karunanayake, Minister of Finance and Kalyani Dahanayake, Commissioner-General of Inland Revenue will be a speaker of this seminar.

The organisers of this seminar have lined-up the programme in the following manner: A.M. Nafeel, Deputy Commissioner, Department of Inland Revenue will speak on ‘Amendments to the Value Added Tax and Nation Building Tax; Thanuja Perera, Tax Policy Advisor, Department of Fiscal Policy, Ministry of Finance will speak on  ‘the Super Gain Tax, Bars and Taverns Levy, Casino Industry Levy, Mobile Telephone Operator Levy, Satellite Location Levy, Dedicated Sports Channel Levy, Mansion Tax, Migrating Tax, Motor Vehicle Importers Licence Fee, Telecommunication Levy and Betting & Gaming Levy’; S. I. Asanthi, Assistant Commissioner, Department of Inland Revenue will speak on ‘Amendments to the Income Tax and Economic Service Charge’.

Also, there will be a panel discussion by M. Basheer Ismail, Managing Partner, SJMS Associates, Denzil A. Rodrigo, Director, ECI Tax Chambers Ltd., Duminda Hulangamuwa, Partner, Ernst & Young and Suresh Perera, Attorney-at-Law, Principal – Tax & Regulatory, KPMG. The moderator of the seminar will be N.R. Gajendran, Chairman of the International Fiscal Association (Sri Lanka Branch). 

 It will be a unique opportunity for the participants to obtain firsthand clarifications from the speakers and panellists who have authority in the field of taxation.

More details on the registration for the seminar can be obtained from the Seminar Secretary, International Fiscal Association (Sri Lanka Branch) at No. 52/1, Nandana Gardens, Colombo 4, Tel. 011-2597898.