OPA Sri Lanka recognises “Taxation” as a distinct profession

• Milestone achievement for Sri Lanka Institute of Taxation

Sri Lanka Institute of Taxation (SLIT) this week announced the achievement of a historic milestone and an eye opener for the profession of taxation in Sri Lanka.

It said the Organisation of Professional Associations Sri Lanka (OPA Sri Lanka)which is the apex body for over 54-member professional associations, has officially recognised “Taxation” as a separate and distinct profession, recognising its status and importance in the country’s professional landscape.

The Executive Committee of OPA, acknowledging the paramount importance of Taxation and its unique contributions to society, unanimously approved the recognition of “Taxation” as the 34th Profession of OPA recently. As a member entity, SLIT continuously carried out its negotiations with OPA Sri Lanka deliberating and persuading of the importance of recognising “Taxation” as a separate profession. The landmark achievement marks a significant turning point for SLIT and elevates the Tax profession›s prominence and relevance in Sri Lanka.

“We are immensely proud of this recognition, which is a testament to the dedication and expertise of tax professionals in Sri Lanka. Taxation plays a vital role in the economic growth and development of our nation, and this recognition underscores its significance in the professional landscape,” SLIT  President Ranil Abeywardhene said.

The recognition of “Taxation” as a separate profession will undoubtedly strengthen SLIT’s standing, allowing us to better serve our members and society. It will also empower tax professionals in Sri Lanka to address the ever-changing tax landscape, providing innovative solutions to businesses and individuals alike. SLIT believes that this exercise shall facilitate recognising “Tax Consultant” legally through an act and also create permanent employment positions among the business entities.

The benefits of this recognition extend beyond SLIT, as the entire country stands to gain through increased tax compliance and a more robust tax ecosystem.