COLOMBO : Income tax appellate procedure has been subjected to changes with the introduction of Inland Revenue Act, 2017 and has further been amended by the Inland Revenue (Amendment) Act, 2021. Hence, determining the correct course of action is fundamental for success of any action under the appellate procedure.
Case laws are an important element of law as it creates precedent for subsequent cases. Hence, the analysing and understanding the judicial approach on controversial tax matters is crucial for correct decision making.
The “Virtual Assembly” on ‘Practical approach to tax issues in light of judicial decisions’ launched by KPMG Academy consists of 3 sessions (from 3 to 5 pm) scheduled on 17th September (Friday), 22nd September (Wednesday) and 6th October (Wednesday).
The sessions will reflect on features of appellate procedure, determining the correct course of action with special focus on upholding protections accorded to taxpayers, the direction of recent judicial determinations on controversial tax matters and the tax treatment of financial instruments.
The sessions will be conducted by Suren Fernando, Attorney – At – Law (LLB, LLM) and Suresh R. I. Perera, Principal – Tax & Regulatory. Rifka Ziyard, Director – Tax & Regulatory at KPMG will moderate the sessions.
The 3 sessions are scheduled as follows;
— 17th September 2021 (Friday) “Tax Appeal Procedure: Beyond the Surface”
— 22nd September 2021 (Wednesday) “Financial Instruments – Shares, Treasury Bills, Interest”
— 6th October 2021 (Wednesday) “Recent Significant Cases in Relation to Income Tax, VAT and Stamp Duty”
The first session is scheduled for 17th September from 3:00 – 5.00 PM and will cover areas such as the distinction between the new and old income tax appellate procedure, appeals to the Tax Appeals Commission and the Court of Appeal, writ jurisdiction, procedural matters on assessments and appeals, rules of natural justice, legitimate expectation, and administrative law.
For registration, please contact Seneli Jayatunge on sjayatunge1@kpmg.com or 074 061 0783
