KPMG Academy organises seminar on Trust Law on 13 February

Thursday, 7 February 2019 00:51 - - {{hitsCtrl.values.hits}}

The Trust Amendment Act No. 6 of 2018 provides a definition for “express trust”. It means a trust that is created by the author of the trust generally in the form of an instrument in writing with certainty indicating the intention of the trust, but does not include a constructive trust or a de facto trust, whether charitable or not;

The 2018 Trust Amendment Act also introduced many compliance obligations on the Registrar General to keep records and also for the Trustee.

Dr Kanag-Isvaran P C

Suresh R I Perera

Rifka Ziyard

The Trust Ordinance refers to Constructive Trusts and Charitable Trusts in addition to Express Trusts. There are many modern uses of Trusts and in order use them for diverse purposes it is important for one to be knowledgeable on the characteristics of trusts.

KPMG Academy is organising a workshop on the ‘Use of Trust as a Vehicle for Tax Planning’ on 13 February from 2 to 5 p.m. at Movenpick Colombo. Dr. K Kanag-Isvaran, P.C. will be delivering the keynote speech on the ‘Legal aspects in Trust Law in Sri Lanka’ at the seminar.

Dr. Kanaganayagam Kanag-Isvaran is a President’s Counsel, having taken Silk in January 1988. He is a Barrister-at-Law of Lincoln’s Inn (1964), a Graduate in Law from the University of London (1965) and an Advocate of the Supreme Court of Sri Lanka (1966). He was conferred the Degree of Doctor of Laws – LLD (Honoris Causa) by the University of Colombo at its Convocation on 24 November 2017. He has now completed 52 years of active practice at the Sri Lankan Bar and is now in the 53rd year of practice.

He has an extensive practice on the civil side in both the original and appellate courts and specialises in several areas of law including Corporate Law, Intellectual Property Law, Banking and Finance, Shipping and Admiralty, Telecommunication, IT, and International Commercial Arbitration.

The year 2018 is also significant in terms of the Income Tax law, since the new Inland Revenue Act No. 24 of 2017 was introduced with effect from 1 April 2018. Trust is a common vehicle used in other jurisdictions for tax planning although usage in Sri Lanka is rare. Hence an understanding of the Trust Law and the tax implications stemming from the new Inland Revenue Act is of utmost importance.

This seminar which will enlighten the audience on both the legal and tax implications and planning points applicable for Trusts and includes Concept of Trusts and overview of the Trust Ordinance (Types of Trusts, Essentials of a Trust, Use of Trusts, Parties to the Trust); Changes in the Income Tax laws applicable on Trusts; Achieving Tax Efficiency via Trusts.

The keynote address will be followed by presentations by KPMG Principal – Tax and Regulatory Suresh R.I. Perera and Associate Director – Tax and Regulatory Rifka Ziyard.

This program is organised for the benefit of corporate decision makers, high net worth individuals, family business entrepreneurs, lawyers, CFOs and accountants. To reserve a seat please contact KPMG Sri Lanka Academy on 0763596176 or email: [email protected].