KPMG to host Trade and Customs seminar on May 19

KPMG will host a seminar on “Customs Valuation, 2017 Amendments to H.S Codes and Foreign Exchange Impact on International Trade” on May 19, 2017 at the Movenpick Hotel, Colombo 3, from 9.00 a.m. to 12.15 p.m.

Customs valuation of imported goods, impacts the liability of border taxes and also the importers’ compliance with statutory requirements.

The strategic focus of the seminar is to provide an overview of Customs valuation rules, provisions on enforcement, practical applications and valuation dispute settlement. Customs valuation rules are based on General Agreement on Tariffs and Trade (GATT) for purposes of Customs. Sri Lankan importers have experienced many dynamics in relation to motor vehicle imports.

The world’s global standard for classifying goods in international trade i.e. the H.S Nomenclature; 2017 Edition will enter into force in May 2017 in Sri Lanka.

The main objective of the seminar is to create awareness on the recent amendments to H.S Code classifications and its impact on admissibility of goods, duties payable and eligibility for differential treatment under different Trade Agreements. The 2017 Edition of H.S Nomenclature includes amendments to the agricultural, construction and transport sectors.

Foreign exchange impact on international trade has been changing over the years in Sri Lanka. Foreign exchange was introduced in Sri Lanka by the Colonial rulers before the country gained its independence and since then many developments have taken place in the Exchange Control regime impacting importers, exporters and authorized dealers including banks. The seminar will cover current implications and recent developments in relation to foreign exchange rules.

Presentations will be delivered by Suresh R. I. Perera, Principal, Tax & Regulatory, KPMG and M. Ravindrakumar, Consultant, Tax & Regulatory, KPMG.

Suresh R. I. Perera, is an Attorney-at-Law and a Fellow Member of the Chartered Institute of Management Accountants. He has more than 15 years of experience in tax and regulatory matters. He possesses a strong expertise in tax appellate procedure and has assisted clients in relation to Trade and Customs matters.

M. Ravindrakumar, a former Director at Sri Lanka Customs, has more than 38 years of experience. He is a WCO Accredited Expert Trainer in Customs Valuation and Post Clearance Audit.