Seylan Bank hosts Webinar for SMEs on Taxation, benefits
Seylan Bank recently hosted its latest webinar for Small and Medium Enterprises (SMEs) titled, “Taxation for SMEs and Reliefs Offered during COVID-19 Period”.
The seminar, conducted by Deepani Herath, Senior Consultant on Tax Services to Price Water House Coopers and former Deputy Commissioner General of the Inland Revenue Department, focused on educating SME customers on the importance of meeting tax obligations and assisting them in ascertaining their tax dues. It explained the provisions for relief within the system, enabling them to make use of tax reductions made possible by the authorities.
Participating SMEs were also educated on the concessions provided to businesses in light of COVID-19, enhancing their understanding of tax liabilities and tax assessment, options to extend the period of payment for tax arrears and the extension of bank guarantees and non-refundable deposits. The session also covered maintaining the accuracy of financial statements, VAT compliance and other related areas.
“As a Bank that expanded to the outskirts of the country from its inception to support the small and medium scale entrepreneurs building businesses from the ground up, Seylan Bank has always been aggressive in its support of SMEs. As the Bank with a Heart, we are driven by a desire to share knowledge and enable businesses to transform. With current market dynamics, we decided to conduct this webinar to help SMEs understand their tax obligations and legitimate ways of reducing their tax liability so that they can succeed and contribute to the success of the nation.” said Ranil Dissanayake, Assistant General Manager - Branch Credit at Seylan Bank, explaining the bank’s commitment to small and medium enterprises.