With the enforcement of the latest regulations on Transfer Pricing in Sri Lanka, SJMS Associates organized a seminar in view of making our clients aware of the implications and challenges of same.
In this view, the Tax Division of SJMS organized a seminar – “Will the Transfer Pricing Regulations affect your business?” on September 15th 2015 at the Ballroom, Hilton Colombo Residence. This forum was chaired by Managing Partner Mr. M. B. Ismail, Tax Partner Ms. Sarala Kodagoda, Tax Director Mr. P. Sivasubramaniam, the guest speaker Mrs. Rukdevi Fernando, Commissioner, Transfer Pricing Unit, Department of Inland Revenue and Mrs. B.A.D.D. Herath, Senior Commissioner, Department of Inland Revenue.
This event was held with the participation of SJMS clients and members of the SJMS Tax Division. Making the opening remarks, Mr. Ismail enlightened on the subject matter – which was then taken over by Ms. Mangala Abeysekera who gave an elaborated explanation on transfer pricing and its challenges.
Mrs. Rukdevi Fernando made an illustration on “How will the new Transfer Pricing Regulations affect your business?”. It was a detailed session on the TP regulations and its applicability. She further explained the challenges they are facing in implementing the regulations plus the possible changes to the current regulations.
Ms. Sarala 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 up by a panel discussion, where many doubts and questions were clarified by the expert panel, including Mrs. Fernando, Mrs. Herath, Mr. Ismail and Mr. Sivasubramaniam.
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