KPMG Friday Mid-Afternoon Chat on Port City Act on Aug. 6

The KPMG Academy presents the 23rd virtual session of the Friday Mid-Afternoon Chat series on August 6, 2021, at 3:00 p.m.

This session will have KPMG experts deliberate on the Port City Act: an in-depth analysis (including tax ramifications on 
distinct scenarios).

An in-depth understanding of the key provisions of Colombo Port City Economic Commission Act, No. 11 of 2021, which was certified on May 27, 2021, is of utmost importance for decision makers to strategise the future path of their respective businesses. 

The discussion will focus on an 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 enactment of the Port City Act, with exemptions from statutes listed in the  ‘Schedule III’ and  scope for exemptions to be granted (within a set framework) from the Statutes in the ‘Schedule II’ of the act, has many permutations and combinations for prospective investors, residents and other stakeholders. This webinar will analyse these interesting aspects.

“Application of myriad of direct and indirect tax laws of Sri Lanka on both companies  and individuals establishing and operating in the Port City Area have many interesting  dimensions that are far removed from the picture painted at the first glance of reading of the act, that would  have to be considered by strategic decision makers,” said KPMG Sri Lanka Principal Tax and Regulatory 
Suresh Perera.

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

The session will be conducted by Perera, Director Tax and Regulatory Rifka Ziyard and Sachithra Chandrasena, Senior Manager Tax and Regulatory at KPMG 
Sri Lanka.

For registrations please contact Seneli Jayatunge on [email protected] 
or 074 061 0783.