Dr. Kanag - Isvaran, P.C. to shed light on use of TRUSTS in Sri Lanka | Daily News

Dr. Kanag - Isvaran, P.C. to shed light on use of TRUSTS in Sri Lanka

A Seminar organized by the KPMG Academy which was scheduled for February 13 at the Movenpick Hotel, would enable participants to appreciate tax and legal aspects pertaining to Trusts in Sri Lanka. Under the theme “Use of Trusts as a vehicle for tax planning,” the Seminar would highlight tax implications attributable to Trusts with a special focus on the rules in the recently enacted Inland Revenue Act No. 24 of 2017.

Dr. Kanag - Isvaran, President’s Counsel would be evaluating the legal framework applicable to Trusts in Sri Lanka in the context of the Trusts Ordinance.

Dependent on the characteristics of the Trust varying tax implications, it may result on the trustees and beneficiaries. In addition to income tax, a trust may attract other taxes such as VAT and NBT based on such activities. Suresh R.I. Perera and Rifka Ziyard of KPMG, would discuss tax ramifications involved with varying tax structures in Sri Lanka and the potential tax planning opportunities in the context of applicable web of taxes. Please call via 0115426214 or email [email protected] in order to register for the seminar.

Trusts are used for varied purposes such as control and protection for minor children or for dependents with special needs, confidentiality, charity, retirement planning, effective tax planning etc. Although Trusts are more commonly used in foreign jurisdictions, due to lack of knowledge on the related laws, the use of Trusts is limited in Sri Lanka.


 

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