Corporate Community offered perspective on proposed Tax Reforms

The Colombo Stock Exchange (CSE) with the support of the Inland Revenue Department and PWC Sri Lanka recently gathered members of the corporate community to discuss the tax reforms that have been proposed by the Sri Lankan Government. The Forum on the theme “Maximize Profits Through Understanding Tax Reforms” focused on the salient features of the proposals including tax concessions and exemptions, taxable income, the suitable utilization of tax losses and an industry-wide analysis of the proposals.

At the forum the Commissioner of the Inland Revenue Department Mr. Pradeep Silva and Deputy Commissioner Mr. Nihal Wijewardana presented a detailed analysis on Taxable Income and Relevant Provisions in the Context of the amendments, which was followed by a presentation on the Implications of Indirect Taxes by Deputy Commissioner of Inland Revenue Mr. Nandana Kumara. Director, Tax Services at PwC Sri Lanka Ms. Charmaine Tillekeratne also presented an industry-wide analysis of the proposals. The speakers joined a panel discussion segment which was moderated by the Chairman of Management Systems (Pvt) Ltd and renowned accounting and auditing professional Mr. Asite Talwatte.