CA Sri Lanka’s public seminar on personal tax obligations attracts over 700 participants

In its position as the change makers of the country’s professional landscape, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has been at the forefront in enhancing the knowledge and competence of finance and non-finance professionals. In fulfilling this important objective, CA Sri Lanka recently organised a public seminar on tax which received a massive response. 

The online public seminar titled “Awareness on Personal Tax Obligations” attracted over 725 participants who joined the free seminar conducted earlier this month, the institute said in a media release.  

The seminar was organised amidst increasing concerns expressed by the public in relation to opening income tax files and file returns. The Government announced and implemented significant tax changes from 1^st January 2021 where the Advance Personal Income Tax (APIT) was introduced in lieu of Pay-As–You-Earn tax (PAYE Tax). 

In the past, tax payers who only had employment income were not required to file income tax returns, as PAYE tax was deducted from their income by the employer and remitted to the Inland Revenue Department. However, from January 2020, everyone who is in the tax liable range, are required to register with the Inland Revenue Department and comply with the respective tax obligations. 

During the seminar, Ms. Sarah Afker, Partner - Tax Services of BDO Partners made a detailed presentation which covered important aspects in relation to the personal tax obligation components including sources of income, qualifying payments and reliefs, available exemptions, personal tax rates, concessionary rates and how to compute taxable income, and tax payable.