KPMG Friday Mid-Afternoon Chat on “Tax deductibility of Marketing & Communication expenses” – 16th July 21

COLOMBO : The KPMG Sri Lanka Academy presents the 21^st virtual session of the “Friday Mid-Afternoon Chat” series. This week’s webinar will be on “Tax deductibility of Marketing & Communication expenses – Importance for reviving Sri Lanka’s image and the New Tax Policy” conducted by Dr. Rohantha Athukorala – Country head at Clootrak Sri Lanka, Maldives & Pakistan, Mr. Suresh Perera – Principal, Tax & Regulatory and Ms. Hasna Hassan – Director, Tax & Regulatory at KPMG Sri Lanka.

Traditionally, Income Tax statutes have imposed a restriction on the corporate tax deductibility of expenses pertaining to advertising, marketing, promotion, entertainment etc.  However, through the introduction of the recent Amendment to the Income Tax Act No. 24 of 2017 (IRA), the statute has evolved from this restrictive approach, shattering the ceiling with regard to the tax deductibility of marketing and communication expenses.

The New Tax Policy incentivizes corporate innovation, creativity towards brand building, product development, market development and revenue growth and provides a golden opportunity for marketing professionals, advertising firms and entities engaged in business

Coupled with the policy allowing tax deductions for marketing and communication related expenses, the Amendment to the IRA provides for the extension of the period for the tax deductibility of broadly defined research and development expenses.  The extension provides decision makers the opportunity to navigate the course of their companies in a dynamic manner through venturing into new avenues.

The webinar will dissect the provisions of the new tax law while equipping participants with a comprehensive understanding of the changes.

The session is scheduled for the 16^th of July (Friday) from 3.00 PM onwards.

For registrations contact Seneli on 074 061 0783 or sjayatunge1@kpmg.com