The Association of Accounting Technicians of Sri Lanka (AAT) conducted a seminar on ‘Budget Proposals Highlights 2019’ at its head office in Narahenpita recently.
Over 250 AAT members and other professionals were present.
The focus of the seminar was to highlight the importance of the Budget 2019 which covers the economy and taxation with special emphasis on corporate and personal taxation, VAT and other taxes and the impact of new and revised taxes on business and the economy.
This was specially for accounting technicians as to how they need to consider the new proposals and how to adjust work relating to the new changes. The seminar was inaugurated by State Minister of Finance, Eran Wickramaratne as chief guest. He briefed the gathering about the budget highlights 2019.
The initial presentation was on ‘Budget Proposals 2019’ delivered by Department of Fiscal Policy Tax Policy Advisor, Ms Thanuja Perera. She spoke on Income Tax, VAT, NBT, CESS, PAL, Economic service charge, carbon tax, luxury tax on motor vehicles, Custom duty and other important fees and charges. She also outlined the previous and current behaviour of the changes and the purpose of the revision or enhancement of taxes.
State Minister Wickremaratne highlighted some facts and figures as to where Sri Lanka was in 1960, and the current status compared with other South Asian countries, such as Singapore and Korea. He said national exports were going down when compared to the market borrowings which were increasing, and as a nation we should focus more about our debt challenge and the fiscal discipline.
Although the opportunities to enter the local universities were currently very limited even among the highest rankers there will be some projects and budget proposals for those who want to study at a private university after Advanced Level. Compared with the previous years, there was a growth in primary budget. The budget deficit was going down comparatively.
“We were still behind some of the other South Asian countries. We could also come up with new changes and national improvements which would cause to increase the per capita income in the future,” the State Minister said. The next session was the panel discussion led by Managing Director, Raigam Group of Companies, Ganaka Amarasinghe. Senior Partner, Gajma & Co., N.R. Gajendran, Tax Policy Advisor, Ministry of Finance, Ms Thanuja Perera and Head of Tax Services, Ernst & Young, Duminda Hulangamuwa also joined the discussion as panellists.
State Minister Wickramaratne answered some of the questions which were raised by the panellists and the audience about the behaviour and the impact of some Budget proposals which were more focused on the export industry and the banking and financial industry.