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“TIN registration ensures businesses comply with tax laws and regulations”

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Taxpayer Identification Number (TIN) registration ensures that businesses comply with tax laws and regulations said Senior Deputy Commissioner, Sri Lanka Inland Revenue Department P.N. Kumara.

He highlighted the importance of TIN registration for businesses and he emphasized accurate and transparent financial transactions through VAT and Simplified Value Added Tax (SVAT) registration at a National Chamber of Exporters of Sri Lanka (NCE) organized seminar for exporters at Hotel Galadari with the participation of around 140.

“It helps in establishing the legal identity of the business for tax purposes. Also, the TIN is necessary for businesses to file tax returns and report their income to the tax authorities.”

“However, TIN registration imposes certain costs and administrative burdens on businesses, such as the need to maintain proper records, file tax returns, and comply with tax regulations.”

He explained how the formatting of a Tax invoice should be and also highlighted how to deal with vendors/ Suppliers by requesting for a TAX invoice and the format that is acceptable for filing VAT returns. The Temporary Import for Export Processing (TIEP) scheme is a program in Sri Lanka that allows businesses to import raw materials, components, or machinery duty-free or at a reduced rate for processing, manufacturing, or assembling goods for export.

The main objective of the TIEP scheme is to promote exports and boost the competitiveness of Sri Lankan products in the international market.

Director of Customs R.H.R.W. Kamalsiri, highlighted the effective utilization of the TIEP scheme for optimal benefits for Sri Lankan exporters during the session held on 15th February. The TIEP scheme is highly beneficial to Exports and the mechanism to apply for the TIEP Scheme was explained in detail to the benefit of the audience.

Throughout the seminar, participants were encouraged to engage with the speakers through Q&A sessions, fostering an interactive environment.

Principal, Head of Tax & Regulatory Division, KPMG, Suresh Perera, said that any changes to the Value Added Tax (VAT) rate or regulations can have a significant impact on exporters, as they can affect the cost structure and competitiveness of their products in the international market.

“In addition to changes in the VAT rate, exporters should also be aware of any changes in VAT regulations and procedures. Changes in regulations can affect the way exporters calculate and pay VAT, which can have implications for their cash flow and overall business operations.”

 

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