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The International Chamber of Commerce’s Committee for Research, Knowledge Mobilisation, and Taxation (ICC-RKMT) recently hosted a webinar in collaboration with the Inland Revenue Department (IRD) and experts from EY, KPMG, and RTA Sri Lanka. Moderated by Dr. Nadee Dissanayake, the event attracted a large audience and revealed considerable challenges in understanding and applying advanced income tax (AIT) and withholding tax (WHT) frameworks.


Participants expressed a strong desire for more accessible guidance and practical sessions to bridge the gap between theoretical knowledge and real-world application. The discussion highlighted notable knowledge gaps in WHT laws, indicating a pressing need for targeted educational resources to help tax professionals navigate complex regulations.

In light of these challenges, the webinar generated several key recommendations aimed at streamlining tax compliance and enhancing taxpayer education. A summary of these proposals, along with their expected outcomes, has been compiled for policymakers to consider.

The event underlined the complexities surrounding AIT and WHT, with attendees calling for further support and hands-on training opportunities. Implementing the proposed strategic actions, alongside a series of targeted future webinars, is expected to bolster taxpayer education and compliance efforts significantly.

The high engagement level during the session underscores the ongoing need for sustained initiatives to support and educate both tax professionals and the general public, ultimately fostering a more informed tax community.
 
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Source: DailyFT

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