“How to manage your taxes effectively” – Way Forward series by TMC Colombo

Monday, 30 September 2024 00:00 - - {{hitsCtrl.values.hits}}

Dinusha Rajapaksa

Priyantha Hapuarachchi

Continuing with the “Way Forward” series of events, The Management Club of Colombo (TMC Colombo) organised a resourceful and an informative evening event where, LLB(Hons)(Colombo), CTA, Attorney at Law, BDO Partners Partner – Tax Services, Chartered Accountants Dinusha Rajapakse FCA, made a presentation on the subject “how to manage your taxes effectively” on 29 August 2024 at Galadari Hotel Colombo.

In her comprehensive presentation, Rajapaksa covered corporate tax rates, tax adjustments for losses, tax adjustments for interest expenses, recent restrictions brought in for cash transactions exceeding Rs. 500,000, claiming of income tax refunds, investment incentives for Board of Investment (BOI) companies in expanding their existing undertakings, deemed timelines for administrative reviews requested by taxpayers, details of banking and non-banking institutions that are required by law, to provide information on taxpayers to the Inland Revenue Department, impact of the Value Added Tax (Amendment) Act No. 16 of 2024, VAT registration threshold and VAT exemptions that have been removed with effect from 1 January 2024.

She also covered the IMF country report number 24/161 on Sri Lanka and its proposals on tax policy measures to improve tax revenue, imputed rental income and calculations, VAT changes, removal of SVAT and the current status of VAT refunds being processed and anti-corruption and governance reforms.

A lively Q&A session followed Dinusha Rajapaksa’s presentation, where participants engaged in a lively discussion addressing concerns the tax laws and IMF country report will have on their professional and personal life. Potential impact mitigation strategies that could be adapted also formed part of the discussion.

Participants were invited to a fellowship dinner prior to concluding the event. Project Director for the event was TMC Colombo Treasurer, Master Divers Ltd. Director/CEO and Pelwatte Coconut Industries Ltd. CEO Priyantha Hapuarachchi. TMC Colombo Vice Chairman and Dunee’s Kitchen Managing Director Duneeshya Bogoda coordinated the overall event.