Inland Revenue and VAT amending Acts as applicable to SLASSCOM Members

Event Details

Significant changes were introduced to the tax regime in Sri Lanka towards the end of 2019 and during

the first half of the year 2020. The changes were introduced via web notices posted on the Inland Revenue

Website and was made effective Jan 2020 pending the passing of legislation. The said changes were again

reiterated in the Budget Proposals presented to Parliament on 17 th November 2020 together with new tax

proposals. Taxpayers were eagerly awaiting the introduction of the legislation to ascertain the exact

parameters surrounding certain proposals as the web notices were not clear in some instances.

The legislation giving effect to the above-mentioned tax proposals were finally made law by the introduction of

Inland Revenue (Amendment) Act No 10 of 2021 and Value Added Tax (Amendment) Act No 9 of 2021.

SLASSCOM together with PwC has organized a knowledge roll out for its membership with the objective

of highlighting the salient features of the said amending Acts as would be applicable to the Information

Technology industry.

Speakers

Charmaine Tillekeratne

Director of Pwc

Charmaine Tillekeratne is a Director of PricewaterhouseCoopers providing tax solutions to a multitude of domestic and international clients. She has experience both in Professional Service Firms and the Mercantile Sector.
She is a multidisciplinary professional qualified in both Law and Accountancy. She is Associate Member of the Chartered Institute of Management Accountants UK (ACMA) and Chartered Global Management Accountant (CGMA), Passed finalist of the Institute of Chartered Accountants (ICASL) and an Attorney-At- Law of the Supreme Court of Sri Lanka and was a member of the Tax Committee of the Bar Association of Sri Lanka.
Charmaine’s experience in the tax field includes advising clients on international cross border tax planning in the context of treaties for relief from double taxation, corporate and individual income tax, indirect taxes and levies such as VAT, nation building tax, customs duties, ports and airports development levy. She has also advised clients on corporate restructures, mergers and acquisitions (M and A), cross border transactions, foreign direct investments (FDI), tax implications on employee share ownership plans and stock options. She has also advised clients related to financial services (Banks and Insurance, Unit Trusts, Leasing and Finance) fast moving consumer goods (FMCG), Manufacturing and Trading, Import and Export sectors.
She also possesses experience in carrying out tax due diligences based on electronic data rooms and physical data rooms. Charmaine has also been involved in lodging appeals on behalf of clients to the Commissioner General of Inland Revenue, Board of Review and assisting Legal Counsel in tax litigations.