COLOMBO: The KPMG Sri Lanka Academy will be conducting a webinar to discuss “Intricacies of Value Added Tax (VAT)” at 3.pm on Thursday Jan.12.
The VAT Law in Sri Lanka has been subject to constant changes from the time of implementation. Rules pertaining to registration threshold, rates, criteria for exemptions, zero rated goods and services, VAT invoices, input VAT and output VAT calculation methodology including disallowable input VAT, payments and returns are some of the areas that have witnessed changes from time to time.
The reduction of the registration threshold from Rs. 300 million to Rs. 80 million per annum has widened the VAT net by imposing VAT on many new taxpayers at a comparatively high rate of 15% in order to increase the tax revenue of the Government.
Furthermore, the recent Budget Proposal to remove certain VAT exemptions will also result in more taxpayers being included in the VAT base.
With the cost of VAT becoming a very important element, the knowledge of VAT rules by relevant personnel in an organization is critical in order to avoid VAT Assessments with high penalties from the Inland Revenue Department.
This webinar will provide technical knowledge with regard to the VAT Base, computation of VAT, claiming of VAT input and how to be VAT compliant tax payer in order to avoid disputes with the Officers of the Department of Inland Revenue. Further this will also encompass knowledge with regard to facing VAT audits and submissions of appeals against VAT assessments.
The session will be conducted by Mr. Suresh Perera – Principal, Ms. Radhini Thomas – Associate Director and Ms. Kushmi Amarasinghe – Assistant Manager, Tax and Regulatory at KPMG Sri Lanka.
For registrations contact Seneli at 0774446649 or sjayatunge1@kpmg.com
