CIMA seminar on international tax

The Chartered Institute of Management Accountants (CIMA) in Sri Lanka is conducting a comprehensive and educative workshop on International Tax and Double Tax Treaties post the implementation of the new Inland Revenue Act on August 27 at the CIMA auditorium from 9 am to 12.15 pm. The key presentations will be delivered by Suresh R.I. Perera, FCMA, CGMA – Principal – Tax & Regulatory and Ms. Rifka Ziyard, FCMA, CGMA – Associate Director – Tax & Regulatory, KPMG.

The objective of the seminar is to shed light on the methodologies for prevention of double taxation in the international arena. The presentation would cover the key articles of the Double Tax Treaties, their interaction with the New Inland Revenue Act as well as digital taxation. 

“A salient feature in the new Inland Revenue Act is that it contains provisions to provide relief from double taxation on a unilateral basis, i.e., Sri Lankan residents are eligible to claim foreign tax credits with regard to taxes paid in foreign countries even where the Sri Lankan Government has not entered into treaties for relief of double taxation. The new Inland Revenue Act has also introduced the concept of local permanent establishment and foreign permanent establishment, hitherto a concept confined only to Double Tax Treaties,” CIMA said in a media release.

The concept of ‘Digital Taxation” is a trend spreading across many foreign countries in the arena of taxation. In Sri Lanka, a few budget proposals were proposed to introduce the concept of taxation of e-commerce in Sri Lanka. The presentations will also focus on the latest developments regarding digital taxation.