People’s Bank recently stepped forward as the principal sponsor of the upcoming ‘National Budget Seminar 2016’, which is being organized by the Department of Inland Revenue for the 11th consecutive year. The event will take place immediately after the budget has been presented in parliament, at the Nelum Pokuna Theatre on Friday 20 November 2015 at 5.30 p.m. and will feature a prominent panel of speakers and guests.

The primary objective of the event will be to educate the taxpaying community including business leaders, professionals and entrepreneurs, on the many benefits that proper taxation rates and policies have on the economic development of the country and the social well-being of its people.

Minister of Finance Ravi Karunanayake will grace the occasion as the Chief Guest and Keynote Speaker along with the Guest of Honour, Lakshman Yapa Abeywardena, the State Minister of Finance.

Dr. R.H.S. Samaratunga, the Secretary to the Treasury will also be present along with Kalyani Dahanayake, the Commissioner General of the Department of Inland Revenue and D.G.P.W. Gunathilake, Deputy Commissioner General, who will present key insights on the budget. Senior representatives of the key national chambers of commerce in Sri Lanka and chartered accountancy and finance firms as well as the country’s top corporate leaders will also be in attendance.

Commenting on the importance of the seminar, Kalyani Dahanayake, Commissioner General, the Department of Inland Revenue stated, “Taxation is one of the most important yet controversial issues in the economic policy. In a nutshell, taxation is the price that we pay for the country that we want. Tax is the main source of revenue generation for many countries and helps to raise funds that support the country’s economic and financial development, whilst fulfilling social requirements such as the provision of proper law enforcement, medical and transport services.”

She further added, “Tax policies do not have to be excessive; they have to adequately fit the country’s requirements and strengthen key sectors to help us achieve our development goals.

Deepal Abeysekara, Head of Marketing, People's Bank presents the sponsorship cheque to Kalyani Dahanayake, Commissioner General of the Department of Inland Revenue
Deepal Abeysekara, Head of Marketing, People’s Bank presents the sponsorship cheque to Kalyani Dahanayake, Commissioner General of the Department of Inland Revenue

Taxation also helps to promote the welfare of the people and uplifts society, it helps to promote the development of various new sectors especially export industries and it helps the country achieve continued growth. We are grateful for the support that People’s Bank has provided us with and hope that this seminar will help create awareness about the benefits of taxation and spread a positive message that will reach all corners of Sri Lanka.”

A live simulcast of the seminar will enable taxpayers in Matara, Kurunegala and Jaffna to also gain a thorough understanding of the budget and its tax implications. PEO TV, the official media sponsor of the event has made it possible for all the key information discussed at the seminar, to reach audiences in the North and East of the country for the very first time. Throughout the seminar, an in-depth analysis of the budget and interpretations as well as legal clarifications regarding the new taxation policy will also be presented and comprehensive documentation outlining a compilation of tax rulings will be provided. The seminar will end with a Q&A session where participants will be able to clarify their queries.

The ‘National Budget Seminar 2016’ will give the taxpaying community a greater understanding of complex budgeting mechanisms and their impact on taxation policies.