Seminar on transfer pricing

The Tax Division of SJMS organised a seminar – ‘Will the transfer pricing regulations affect your business?’ on 15 September at the Ballroom, Hilton Colombo Residence. The forum was chaired by Managing Partner M.B. Ismail, Tax Partner Sarala Kodagoda, Tax Director P. Sivasubramaniam, the Guest Speaker Department of Inland Revenue Transfer Pricing Unit Commissioner Rukdevi Fernando and Department of Inland Revenue Senior Commissioner B.A.D.D. Herath.

The event was held with the participation of SJMS clients and members of the SJMS Tax Division. Making the opening remarks, Ismail enlightened on the subject matter – which was then taken over by Mangala Abeysekera who gave an elaborated explanation on transfer pricing and its challenges. 

Fernando made an illustration on ‘How will the new transfer pricing regulations affect your business?’ which was a detailed session on the TP regulations and its applicability. She further explained the challenges they are facing in implementing the regulations plus the possible changes to the current regulations.

Kodagoda, addressing on the importance of ‘Determining Arm’s Length Price’, explained how arm’s length price can be determined (in the five prescribed methods stipulated in the regulations) with examples. This was followed by the presentation by Khalid Mahmood, in which he explained how SJMS can precisely help its clients. 

A panel discussion then followed, where many doubts and questions were clarified by the expert panel, including Fernando, Herath, Ismail and Sivasubramaniam.