With the enforcement of the latest regulations on transfer pricing in Sri Lanka, SJMS Associates organised a seminar in view of making its clients aware of the implications and challenges of same. 

In this view, the Tax Division of SJMS organised the seminar – ‘Will Transfer Pricing Regulations Affect Your Business?’ recently at the Ballroom, Hilton Colombo Residence.

This forum was chaired by Managing Partner M.B. Ismail, Tax Partner Sarala Kodagoda, Tax Director P. Sivasubramaniam, guest speaker Inland Revenue Department Commissioner Transfer Pricing Unit Rukdevi Fernando and Inland Revenue Department Senior Commissioner B.A.D.D. Herath. 

This event was held with the participation of SJMS clients and members of the SJMS Tax Division. Making the opening remarks, Ismail enlightened on the subject matter – which was then taken over by Mangala Abeysekera, who gave an elaborated explanation on TP and its challenges. 

Fernando made an illustration on ‘How will the new transfer pricing regulations affect your business?’ It was a detailed session on the transfer prising regulations and its applicability. She further explained the challenges they are facing in implementing the regulations plus the possible changes to the current regulations.

Kodagoda, addressing on the importance of ‘Determining arm’s length price’, explained how arm’s length price can be determined (in the five prescribed methods stipulated in the regulations) with examples. This was followed by the presentation by Khalid Mahmood, in which he explained how SJMS can precisely help its clients. 

This was followed by a panel discussion, where many doubts and questions were clarified by the expert panel, including Fernando, Herath, Ismail and Sivasubramaniam.