Seminar on recent bills issued to amend tax statutes on Wednesday

CIMA will hold a seminar on the recent bills issued to amend the tax statutes on 27 May from 1.30 p.m. to 5.30 p.m. at the Hilton Colombo Residences.

The presentation would be delivered by KPMG Principal – Tax & Regulatory Suresh R.I. Perera and KPMG Director – Tax & Regulatory Hasna Hassan. The presentation will be followed by a panel discussion. The panel would include the presenters and Ministry of Finance and Planning Tax Policy Advisor Thanuja Perera. 

The seminar will address the changes in the field of taxation from the time of budget proposals that were presented in the Parliament in October 2014 and will focus on the bills issued to cover budget proposals presented in Parliament in January 2015 too. Some of the proposals have been provided with legal enforceability whereas some proposals are in operation administratively. 

In the past years, income tax proposals presented in annual budgets have been implemented with effect from 1 April in the following year and VAT/ NBT proposals from 1 January, pending certification by the Speaker as a practice. 

In addition to changes introduced to Corporate Income Tax, PAYE, Value Added Tax, Nation Building Tax, etc in the October 2014 budget, several new taxes introduced in the January 2015 budget are couched in the Finance Bill. The Finance Bill includes Super Gains Tax, Mansion Tax, Migration Tax, Casino Industry Levy, Bars and Taverns Levy, Mobile Telephone Operator Levy, Direct to Home Satellite Levy, Satellite Location Levy, Dedicated Sports Channel Levy and Motor Vehicle Importers License Fee.

The bills also indicate that provisions have been made for implementation of Revenue Administration Management System (RAMIS) 

Provisions in the amending statutes impact exporters, manufacturers, outsourcing companies, unit trusts, financial institutions, freight forwarders, investors, all employers and employees inter alia. 

Details and registration forms could be obtained by contacting CIMA Sri Lanka via email on: [email protected] or by calling CIMA on 0112 503880.