KPMG Forum puts 2015 Budget under spotlight

Thursday, 30 October 2014 00:20 - - {{hitsCtrl.values.hits}}

KPMG hosted a post budget gathering unraveling key highlights of the tax and fiscal proposals of the 2015 budget, on the same day it was presented in Parliament by President Mahinda Rajapaksa. Delivering the keynote address, the Chief Guest at the event, the Governor Central Bank Ajith Nivard, Cabraal welcomed the budget emphasizing it was important for all segments of the public to feel included in the development process and that this Budget simply enabled the trickling-down of benefits.

The salient features of the tax and fiscal proposals of the 2015 budget were presented by Shamila Jayasekara, Partner – Head of Tax, KPMG in Sri Lanka. The Budget introduced pension schemes for apparel sector employees, trishaw drivers and migrant workers, allowances for university academics, doctors, judiciary service employees, pre-school teachers, teaching assistants, widows of July strikers, elders, differently abled persons, motor bicycle allowances and concessionary rates for police officers, for postmen respectively, and also compensation revisions of state and private sector employees.

The presentation on the key Budget highlights was followed by an interactive panel discussion moderated by Reyaz Mihular, Managing Partner, KPMG in Sri Lanka. The panel consisted of Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka, Rajendra Theagarajah, Director / Chief Executive Officer, National Development Bank PLC, Sunil Wijesinha, President, The National Chamber of Commerce of Sri Lanka, Suresh Shah, Chairman, The Ceylon Chamber of Commerce, Vajira Kulatilaka, Chairman, Colombo Stock Exchange, S. P. S Ranatunga, Chief Executive Officer, CIC Holdings PLC, Shamila Jayasekara, Partner – Head of Tax, KPMG in Sri Lanka, and Suresh. R. I. Perera – Principal- Tax & Regulatory, KPMG in Sri Lanka. Reyaz Mihular, Managing Partner, KPMG in Sri Lanka stated, “This year’s budget simply includes everyone. The incentives proposed for entrepreneurs and the country’s thrust sector, the SMEs are particularly noteworthy” The highlights of the fiscal proposals presented in Parliament on Friday 24 October 2014 can be downloaded at http://www.kpmg.com/lk/en/pages/2015budgetanalysis.aspx

Pix by Daminda Harsha Perera