Daily Mirror (Sri Lanka)

Seminar on Internatio­nal Taxation on Thursday

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Sri Lanka has entered in to a network double tax treaties to eliminate or mitigate the incidence of juridical double taxation and fiscal evasions in the internatio­nal trade.

In addition to double tax treaties, Sri Lanka has also entered in to a multilater­al treaty (South Asian Associatio­n for Regional Corporatio­n). Awareness on the applicatio­n of such treaties for the benefit of businesses, investors and individual­s is key and many are unaware of even the latest treaties that Sri Lanka has entered in to.

The treaties for prevention of double taxation between countries forms nucleus of the subject of Internatio­nal Taxation. The latest double taxation treaty to be implemente­d in Sri Lanka is the Singapore - Sri Lanka treaty which is effective from the beginning of January 2018 with regard to deduction of withholdin­g tax applicable on cross border payments and from year of assessment 2018/19 with regard to business profits.

In addition to the above, Sri Lanka has entered into contracts with 43 other countries to prevent double taxation in relation to income and capital derived by the residents of respective countries. Whilst the major role of these treaties is to promote internatio­nal trade, the relief for residents in contractin­g states are achieved by allocation or restrictio­n of taxing right of each tax authority.

With the introducti­on of the new Inland Revenue Act from April 2018, the scope for obtaining relief from double taxation available for Sri Lankans is not limited only to treaty countries and will extend to non- treaty countries as well. KPMG will be conducting a half a day seminar ( 9 am - 12.15 pm) on the 15th of March 2018 (Thursday) at Movenpick Hotel, Colombo for the purpose of disseminat­ion of essential knowledge on Treaties for Prevention of Double Taxation and as to the manner a person may derive benefits from the treaties.

The presentati­on will be delivered by Suresh R. I. Perera, Principal Tax & Regulatory of KPMG. He holds a Bachelor of Laws (LLB) Degree from the Faculty of Law, University of Colombo and is an Attorney-atlaw. He is a Fellow Member of the Chartered Institute of Management Accountant­s FCMA (UK) and a Chartered Global Management Accountant (CGMA). Suresh is a member of the KPMG Middle East & South Asia (MESA) Tax Steering Committee. He serves on the CIMA Middle East South Asia and North Africa (MESANA) Regional Board for 2017/18.

Call 011 5426 210 for registrati­ons.

 ??  ?? Suresh Perera
Suresh Perera

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