Interactive session on new Inland Revenue Act

Thursday, 26 October 2017 00:00 - - {{hitsCtrl.values.hits}}

The new Inland Revenue Act will be effective from 1 April 2018. Suresh R.I. Perera, Attorney at Law, Tax Principal at KPMG will be carrying out an in-depth analysis of the significant changes to the New Inland Revenue Act at Ramada Hotel on 1 November 2017.

The session will cover business, investment and employment income.

Referring to the introduction of the much talked about capital gains tax in Sri Lanka, Perera opined, “It is not correct to say that Sri Lanka has introduced a new tax called capital gains tax. Capital gain has not even been included as a source of income, which was the case prior to 2002. The new Act imposes income tax on capital gains, gains on investments and certain capital receipts.

“The new Act also has provisions pertaining to methods of computation when assets are passed on to a spouse on a divorce or separation, on death and also when assets are being gifted. What is significant is that income tax liability on gains arises not only in relation to assets but the tax could arise in relation to realisation of liability too.” Further Perera added, “Understanding the concept of “realisation” is vital as it is this incidence that triggers the income tax on gains from capital and investments. It’s not restricted to mere sale or gifting. The word is defined very broadly in the new Act to include many incidences pertaining to assets and liabilities.” An understanding of the finer points of this concept would pave the way for efficient tax planning.”

The seminar organised by UTO EduConsult will be held at Hotel Ramada Colombo on 1 November from 2 p.m. to 5 p.m.

For registration and further details, please contact 0775-837575 or email [email protected] and visit www.utoeduconsult.com.