KPMG to host trade and customs seminar

KPMG will host a seminar on “Customs Valuation, 2017 Amendments to H.S Codes and Foreign Exchange Impact on International Trade” on May 19 at the Movenpick Hotel in Colombo.

In a media release, KPMG said Customs valuation of imported goods, impacts the liability of border taxes and also the importers’ compliance with statutory requirements. The strategic focus of the seminar is to provide an overview of Customs valuation rules, provisions on enforcement, practical applications and valuation dispute settlement. Customs valuation rules are based on General Agreement on Tariffs and Trade (GATT) for purposes of Customs. Sri Lankan importers have experienced many dynamics in relation to motor vehicle imports.

Presentations at the forum will be delivered by Suresh R. I. Perera, Principal - Tax & Regulatory, KPMG and M. Ravindrakumar, a former Director at Sri Lanka Customs who has more than 38 years of experience.

KMPG said foreign exchange impact on international trade has been changing over the years in Sri Lanka. Foreign exchange was introduced in Sri Lanka by the colonial rulers before the country gained its independence and since then many developments have taken place in the Exchange Control regime impacting importers, exporters and authorized dealers including banks. The seminar will cover current implications and recent developments in relation to foreign exchange rules.