CIMA seminar on international tax next week

Thursday, 22 August 2019 00:53 - - {{hitsCtrl.values.hits}}

The Chartered Institute of Management Accountants (CIMA) in Sri Lanka is conducting a comprehensive and educative workshop to expound on International Tax and Double Tax Treaties post the implementation of the new Inland Revenue Act on 27 August at the CIMA Auditorium from 9 a.m. to 12:15 p.m. The key presentations will be delivered by KPMG’s Principal – Tax and Regulatory Suresh R.I. Perera, FCMA, CGMA and Associate Director – Tax and Regulatory Rifka Ziyard, FCMA, CGMA.

The objective of the seminar is to shed light on the methodologies for prevention of double taxation in the international arena. The presentation would cover the key Articles of the Double Tax Treaties, their interaction with the New Inland Revenue Act as well as digital taxation.

A salient feature in the new Inland Revenue Act is that it contains provisions to provide relief from double taxation on a unilateral basis, i.e., Sri Lankan residents are eligible to claim foreign tax credits with regard to taxes paid in foreign countries even where the Sri Lankan Government has not entered into treaties for relief of double taxation. The new Inland Revenue Act has also introduced the concept of local permanent establishment and foreign permanent establishment, hitherto a concept confined only to Double Tax Treaties.

The concept of ‘Digital Taxation” is a trend spreading across many foreign countries in the arena of taxation. In Sri Lanka, a few budget proposals were proposed to introduce the concept of taxation of e-commerce in Sri Lanka. The presentations will also focus on the latest developments regarding digital taxation.

For further information and assistance on the forum and registration, please contact Kishnika Weeresinghe T: 011 2503880 (Ext: 260) or E: [email protected].