COLOMBO : KPMG Academy has Scheduled a Complimentary webinar titled “Taxes & the Constitution” on August 5, 2024, at 3:00 PM. The session will feature Dr. K. Kanag-Isvaran, President’s Counsel who will discuss the power of Parliament and Provincial Councils to legislate taxes, focusing on the 13th Amendment and the IMF’s Imputed Rental Income Tax. He will also explore the power to impose and collect stamp duty within this constitutional context.
The webinar will cover the constitutionality of the Social Security Contribution Levy and the Nation Building Tax, examining their alignment with the 13th Amendment. Another topic of discussion will be the Foreign Exchange Act’s tax amnesty, which was introduced at the Committee Stage Amendments.
Dr. K. Kanag-Isvaran, President’s Counsel would shed light on the power of the Parliament to enact tax laws & the powers reserved to the Provincial Council by the 13th amendment to the Constitution to legislate taxes pertaining to Land & Property and whole & retail sales in the context of Imputed Rental Income Tax introduced by the IMF in its second review report. This would also cover the averment on “Constitutional Constrains” referred in the IMF second review report. The power to impose the charge and recovery of stamp duty applicable to the transfer and lease of land will also be analyzed in the context of the 13th Amendment to the Constitution.
A key focus will be the Supreme Court’s landmark ruling on the Supply of Goods & Services Tax Bill, which was declared unconstitutional. This case, along with the IMF’s recommendations following the sugar and onion scams, will be thoroughly analyzed.
Additionally, the webinar will investigate the constitutionality of Section 2A of the VAT Act, allowing the minister to set VAT rates through gazette notifications. The constitutionality of tax holidays granted by the Port City and Supreme Court observations will also be discussed.
Mr. Suresh R.I Perera and Ms. Rifka Ziyard from KPMG will join Dr. Kanag-Isvaran in the discussion.
To register, contact Lakshika at lkugan1@kpmg.com or 077 206 3354, or Seneli at sjayatunge1@kpmg.com or 077 444 6649
