Seminar on Trust Law | Sunday Observer

Seminar on Trust Law

Dr. K. Kanag-Isvaran, PC will deliver the key note speech on the ‘Legal aspects in Trust Law in Sri Lanka’ at the seminar organized by KPMG Academy on ‘Use of Trust as a vehicle for tax planning’ at Movenpick Hotel, Colombo on February 13.

Among tax planning techniques, use of trust to shelter taxes is a popular technique among the tax and legal experts. The presentations on tax matters will be by Associate Director – Tax and Regulatory, Ms Rifka Ziyard and Principal, Tax & Regulatory of KPMG, Suresh Perera.

Law of Trusts in Sri Lanka is governed by the ‘Trust Ordinance No 9 of 1917’ and amendments thereto and as per Section 2 of the trust ordinance, which refers to the application of law “where there are no specific provision made under the ordinance or any other written law, shall be determined by the principles of equity for the time being in force in the High Court of Justice in England”.

Taxation rules applicable for trusts have been aligned with common international rules in foreign jurisdictions.

The rules and principles under the old Act left room for ambiguities and speculations. The new Act embeds Rules that are clear and which eliminates room for speculation.