Seylan Bank recently hosted its latest webinar for Small and Medium Enterprises (SMEs) titled, “Taxation for SMEs and Reliefs Offered during COVID-19 Period”.
The seminar, conducted by Deepani Herath, Senior Consultant on Tax Services to Price Water House Coopers and former Deputy Commissioner General of the Inland Revenue Department, focused on educating SME customers on the importance of meeting tax obligations and assisting them in ascertaining their tax dues. It explained the provisions for relief within the system, enabling them to make use of tax reductions made possible by the authorities. Participating SMEs were also educated on the concessions provided to businesses in light of Covid-19, enhancing their understanding of tax liabilities and tax assessment, options to extend the period of payment for tax arrears and the extension of bank guarantees and non-refundable deposits. The session also covered maintaining the accuracy of financial statements, VAT compliance and other related areas.
Deepani Herath is a lecturer at the Institute of Chartered Accountants and the University of Colombo and has lectured at Sri Jayawardanapura University, Sri Lanka Institute of Taxation and the Association of Accounting Technicians Sri Lanka. She holds a Master of Business Administration from the University of Colombo and a BA in Economics with a First Class from the University of Sri Jayawardanapura.