Briefing on insights into implementation of Companies Act 2007 and tax regime

The European Chamber of Commerce of Sri Lanka (ECCSL) has organised a briefing on insights into implementation of Companies Act 2007 and the tax regime on September 18 at the Conference Room, Level 3 of Hilton Colombo Residence from 9.30 a.m. to 1.30 p.m.

The ECCSL acknowledges the importance of raising awareness in the private sector and initiating dynamic action with regard to fiscal and legal issues. The briefing is hence aimed at the interwoven spheres of companies law and taxation - intricately linked to corporate activity.
Enacted this year, the Companies Act was subject to widespread discussion and interpretation not merely amongst legal circles. The Act endeavoured to leave behind a ‘colonial’ regime in its predecessor which was based on the 1948 Companies Act of the United Kingdom.

Having received the Speaker’s assent in March this year, the Act prompted companies to examine and amend several aspects of their procedures. The initial months were hence, wrought with deliberation on interpretation and implementation. Six months down the line, the path of adoption is relatively more transparent.

ECCSL expects the briefing on the Companies Act to discuss practical aspects of the corporate world in view of the current regime.
mHow did companies fare in the transformational period todate?
mIncreased input by shareholders in corporate business- good or evil?
m What is the assessment of risks arising from the changes to directors’ duties?

mHow does Sri Lanka’s legal regime now rate in the globalised economy?
Sri Lanka’s taxation sphere attracts ever growing interest from the business community. Current Government fiscal issues, widening of the tax net and introduction of new taxes have necessitated the private sector’s full attention and created the need for constant updating of the knowledge base.

The Guest Speaker on current taxation issues will be N.R. Gajendran - senior tax consultant and partner of Gajma & Co., Chartered Accountants. A Fellow Member of the Institute of Chartered Accountants Sri Lanka (ICASL), Gajendran is at present the Alternate Chairman of the Taxation Faculty of ICASL. He is also the Chairman of the International Fiscal Association (Sri Lanka Branch).

Gajendran is a Member of the Taxation Cluster of the National Council for Economic Development and the Taxation Committee of the Ceylon Chamber of Commerce.

Nihal Jayawardene, a Member of the Advisory Commission on Company Law will conduct the briefing on the Companies Act. Currently practising as a Private Counsel chiefly in Commercial law, Mr Nihal Jayawardene served in the Attorney General’s Department, having been promoted to the post of Senior State Counsel from 1996.

Nihal Jayawardene worked together with a World Bank consultant to bring about reforms to the previous Act in 1993/1994 and was instrumental in bringing about the draft companies legislation in 1997.
ECCSL is confident that the briefing will provide opportunity for discussion and would set up an interactive platform to communicate the private sector’s thoughts to the guest speakers who are change agents in their respective fields of study.

The workshop is targeted at CEO’s, CFO’s, Directors, Senior Managers, Senior Legal Advisors, Senior Executives in all sectors of Small and Medium Enterprises as well as Multi National Corporations.