Webinar on the role of taxation in economic development on 22 February 

The aspect of taxes, in all its forms and components has assumed even greater significance in light of the pandemic that has ravaged the global economy. Sri Lanka is still reeling from its effects although the end of the lockdowns and the advent and implementation of vaccines and other measures seem to offer some form of relief. However, the scourge of the pandemic and its sphere of influence is such that it would continue to require the greatest amount of attention by corporates and individuals alike, and the impact of taxation would be quite central to the planning that is undertaken by the respective entities.  

Sri Lanka’s tax system is at a decisive juncture with complex policies being adopted from time to time. A major overhaul of the taxation on certain industries by introduction of a composite tax (special GST), a surcharge tax on tax payers with large pockets, a turnover tax in the form of social contribution levy, changes in import taxation with more emphasis on Cess, are some of the many changes witnessed in the tax system.  

An understanding of the impact of taxes on the overall economy, heavily reliant on tax revenue, as well as on its many stakeholders, individually as well as collectively, is vital so as to assess and evaluate the path the economy is headed. Ensuring the stable development of the economy may seem like a herculean task and the critical role that taxation plays in this effort simply cannot be overlooked. The tax policy adopted influences a multitude of aspects including demand, supply, investor confidence etc.  

KPMG, in its continuing efforts to encapsulate a wide array of topics of relevance, is the knowledge partner for a webinar titled “The Role of Taxation in Economic Development” hosted by UTO EduConsult and scheduled to be held on 22 February, via Zoom. This event will feature economists as well as luminaries from a cross-section of industries. KPMG Tax and Regulatory Principal Suresh Perera will make a formal presentation titled “Features of a good tax system and the evolution of taxation in Sri Lanka” as well as moderate the panel discussion that will follow the presentations. Perera, in his presentation, will expound on the features of an effective tax system and will also provide his insights of the recent changes undergone in the Sri Lankan tax system as well as an assessment of the features of these new taxes.  A second presentation, “Tax revenue and its impact on the economy” by JB Securities Ltd., CEO and Advocata Institute Chairman Murtaza Jafferjee will follow.  

The presenters will then be joined by other eminent panellists in a discussion. The panel will comprise of Brandix Group Group Finance Director Hasitha Premaratne, DIMO PLC Director and CFO Suresh Gooneratne, Advocata Institute Senior Research Fellow and Former Director of The Central Bank of Sri Lanka Dr Roshan Perera and HNB PLC Chief Financial Officer Rajive Dissanayake. These panellists represent a multitude of industries, ranging from the automobile Industry, which has witnessed an unprecedented upheaval in the face of a ban on auto imports; to exporters, riding the crest of a surge in the US Dollar as well as other currencies; as well as banking, facing an irate public yearning for an ease in the constraints faced by a paucity of foreign currency within the banking system. These all make for a very compelling afternoon of intense discussion and deliberation. 

More details of this event could be obtained by calling 077 350 1246 or 077 045 8659.