Sri Lanka Institute of Taxation marks 25th anniversary
“Emirates is a preferred airline for travel from Sri Lanka to Melbourne for several reasons,” said Chandana de Silva, the award-winning airline’s Area Manager for Sri Lanka and Maldives.
The twenty fifth anniversary of the Sri Lanka Institute of Taxation falls in 2017, and during the two and half decades the Institute has come a long way in promoting awareness of the subject of taxation in Sri Lanka. Today taxation has become not only a complicated subject but an indispensable part and parcel of economic activity in the country requiring a thorough knowledge of its legal contents and practical application.
Historically the Institute started modestly and was initially the brain child of a few former colleagues of the Inland Revenue De p a r t ment par t i c u l a rly Anil Amarasekara. His close association when he was working Kenya, Uganda and Tanzania with Inthiran Chelvathurai, then Secretary General of the Commonwealth of Tax Administrators (CATA) in London, as well as the British Institute of Taxation helped to initiate the project.
On June 22, 1992 he and a few other colleagues including Messrs. C. P. E. Gunasingam, M.S.M.T. Samarathunga, Y. Karunasinghe, A. C. S. Perera, S. Balaratnam and the late Messrs. D. C. Jayakuru, Stanley Fernando and A. C. S. Perera among others initiated the project and after much deliberation and effort succeeded in incorporating the Institute under the Companies Act No.17 of 1982, the certificate of incorporation being issued on 28th October 1992. The first Council consisted of the above mentioned persons with A.B.Amarasekara as first President of the Institute.
Subsequently, after a lot of further effort they with the assistance of the late Minister Bernard Soysa and after his demise Weerasinghe de Silva M. P, introduced the Incorporation Bill in Parliament and the Institute was incorporated under Act of Parliament No.21 of 2000 certified on 19th June, 2000. The Institute has come a long way since then and has today become one of the leading institutions in the field of taxation in Sri Lanka. In fact it is the sole institution which deals primarily and exclusively in the field of taxation which is its main and only field of activity.
The objectives of the Institute can be summarized as follows. To create awareness of the subject of taxation among the members of the public
Travellers from Colombo to Melbourne are eligible for an extra baggage allowance of 10kgs on outbound travel till end November 2017 courtesy of Emirates, a global connector of people, places and aspirations.
Available on one-way or return tickets booked before 31st October, this exclusive extra baggage allowance, worth Rs 77,000, is particularly beneficial to students travelling to Melbourne for higher studies, the and to promote and advance the study of the law and practice of taxation and the principles of economic and political science in relation to taxation and public finance. To make recommendations for the improvement or simplification of tax law and practice, to highlight anomalies in laws relating to taxation and to comment on proposed changes in the laws. In pursuit of these objectives the Institute has engaged in a number of activities. Primarily it conducts study courses for students of taxation at two levels; The Diploma level; and The Professional level. A few subject exemptions are available for those who are qualified in accountancy and law. Those who qualify at the Diploma level are admitted to the Professional level and those who are successful followed by an evaluation are awarded certificates and become members of the Institute.
There are basically two types of membership; Fellow Member (FTII), and Associate Member (ATII). Those who succeed in obtaining membership of the Institute have several professional advantages and avenues. They are officially recognized and are able to engage in professional practice of taxation and are recognized as authorized representatives under Section 217 of the Inland Revenue Act No. 10 of 2006 as well as under section 195 of the new Inland Revenue Act, No. 24 of 2017for the purpose of representation for taxpayers in the Inland Revenue Department. airline said.
Economy Class passengers who avail of this offer can carry up to 40kgson their outward journey, while Business and First Class travellers may carry up to 50kgs and 60kgs respectively.
“Emirates is a preferred airline for travel from Sri Lanka to Melbourne for several reasons,” said Chandana de Silva, the award-winning airline’s Area Manager for Sri Lanka and Maldives. “These include our daily flights to Singapore and the excellent onward connection to Melbourne, the unmatched inflight experience we offer, as
Lectures at the Institute are conducted by trained and qualified professionals in taxation as well as high officials and past officials of the Inland Revenue Department versed in various fields such as accountancy, tax law, appeals, tax administration procedures and other relevant topics.
Apart from the Diploma and Professional study Courses, the Institute has stepped in to assist business, tax practitioners and tax payers to secure a knowledge of the practical day-to-day problems involving taxation by conducting short courses in such fieldsas VAT, Simplified VAT, Nation Building Tax ( NBT) etc. Apart from issues in the practical fields of preparing tax returns, submission of tax returns online, conducting appeals, payments of taxes, penalties etc. These have proved to be extremely popular. Apart from the conducting of lectures, examinations and training tax professionals, the Institute has created public awareness in taxation by holding a number of seminars and workshops for the public on issues of current interest particularly during Budget time and amendments to various tax laws annually.
The Institute has also since its inception produced an annual Journal titled the “Sri Lanka Tax Review” containing numerous articles on relevant topics and current tax issues written by knowledgeable experts in their relevant fields.
It also conducts upto date information on such matters as Double Tax Treaties, International Tax News, current Tax data and rates of tax and a Tax Bibliography among others. This has proved extremely useful for students, tax practitioners, academics and taxpayers alike.
In marking the 25th anniversary therefore, the Institute of Taxation of Sri Lanka holds great promise for the future with a wide range of activities before it for the benefit of the public. It has also the necessary talent and expertise to fulfill these expectations.
The Institute is currently located at Galle Road, Dehiwala, and it also operates a website where information of its activities and facilities are available www.slitaxation.lk or on email sltaxationinst@sltnet.lk.
Lectures at the Institute are conducted by trained and qualified professionals in taxation as well as high officials and past officials of the Inland Revenue Department versed in various fields such as accountancy, tax law, appeals, tax administration procedures and other relevant topics.
well as the opportunity to fly the iconic A380 aircraft on the Singapore-Melbourne sector.”
“This extra baggage allowance is an example of our understanding, in particular, of the needs of students travelling for the first time, or returning to continue their studies,” he added.
In service for nine years, the Emirates A380 remains the most talked-about passenger aircraft in the world today, so much so that many passengers deliberately plan their travel so that they can fly on it. Since 2008, Emirates has flown over 80 million passengers on its A380 fleet, and takes delivery of its milestone 100th A380 aircraft on 3rd November.
On board the A380, passengers in premium class seating can relax in Emirates’ flat- bed seats and enjoy the Emirates Onboard Lounge. First Class passengers can unwind in their very own Private Suite and prepare for their arrival in the Emirates A380 Shower Spa.
All passengers on Emirates flights enjoy more than 2,500 free channels of films, TV shows, music, games and podcasts through ice Digital Widescreen, the airline’s multi- award winning in- flight entertainment system, inflight Wi- Fi throughout all aircraft, regionally inspired gourmet cuisine and Emirates’ renowned inflight service from the airline’s multi- national cabin crew comprised of over 135 nationalities.
Travel with Emirates also earns passengers Skywards Miles on the airline’s award- winning frequent flyer programme. Accrued Skywards Miles can be redeemed for free tickets, travel upgrades or other benefits.