KPMG webinar on ‘Port City Act: An in-depth analysis’ on 6 August

Source:-www.ft.lk

The KPMG Academy will present the 23rd virtual session of the ‘Friday Mid-Afternoon Chat’ series on 6 August at 3 p.m. This session will have KPMG experts deliberate on ‘Port City Act: An in-depth analysis (including tax ramifications on distinct scenarios)’.

The Colombo Port City Economic Commission Act, No. 11 of 2021 was certified on 27 May. The enactment of the Port city Act with exemptions from statutes listed in ‘Schedule III’ and  scope for exemptions to be granted (within a set framework)  from the Statutes in ‘Schedule II’ of the Act has many permutations and combinations for prospective investors, residents, and other stake holders. This webinar will analyse these interesting aspects.

An in-depth understanding of the key provisions of the Act is of utmost importance for decision makers to strategise the future path of their respective businesses. The discussion will focus on overview of offshore companies, establishing banking operations in the Port City, forex rules within the port city, persons liable for income tax within the Port City, application of double tax treaty provisions, application of Sri Lanka Income Tax and VAT rules for the Port City on intra-supplies, application of stamp duty on different types of transactions, etc.

The speakers will also deliberate on the right of Sri Lankan professionals (architects, lawyers, doctors, engineers) in establishing/residing in the Port City.

The session will be conducted by KPMG in Sri Lanka Principal – Tax & Regulatory Suresh R. I. Perera, Director – Tax & Regulatory Rifka Ziyard and Senior Manager – Tax & Regulatory Sachithra Chandrasena.

This session is scheduled on 6 August from 3 p.m. onwards. For registrations contact Seneli Jayatunge on sjayatunge1@kpmg.com or 074 061 0783.