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| Sunday, 5 January 2003 |
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| News Business Features Editorial
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Two books on tax The first edition of the 'Value Added Tax in Sri Lanka' and the third edition of the 'Income Tax in Sri Lanka', written by S. Balaratnam, a former Assessor of the Department of Inland Revenue, has been published by Tax Publications Ltd. The book on Value Added Tax (VAT) is based on the aspects of the law and practice of the Vale Added Tax Act No 14 of 2002. The book has been structured into seven parts covering important aspects of the VAT law in 40 chapters, providing a clear, logical and orderly description of the law and practice of VAT and is illustrated with judicial precedents and revenue practices. The book will be a useful guide for every VAT registered person who is imposed with the burden of complying with the VAT law in day-to-day business transactions. The responsibility for the payment of tax falls on the registered person. Failure to apply the VAT law correctly can shift the burden of the tax from the final consumer to the registered persons. All persons within the VAT system, professionals, students of taxation and those who seek to understand the complexities of the VAT law will find the book valuable, useful and informative. The book on Income Tax is based on the aspects of the law and practice of income tax covering the Inland Revenue Act No 38 of 2000 which consolidates all amendments made to the IRA 28 of 1979. The IRA No 38 of 2000 has been updated covering the provisions of the Inland Revenue Amendment Bill and reported committee stage amendments in passing the Amendment Act. The book covers the important aspects of the tax law in 54 chapters providing a clear logical orderly description of the law and practice of income tax, illustrating them with judicial precedents, published revenue practice rulings and examples where relevant. The law of income tax is intended to apply equally to the Revenue as well as to the taxpayer. The book presents the wider aspects of the application of the law of income tax precisely and clearly as an aid and a guide towards finding a practical solution to problems in the application of the principles and practices fairly and equitably under the self assessment procedures. Professionals, students and taxpayers will find the book useful and informative. The author S. Balaratnam is an associate member of the Institute of Chartered Management Accountants, a graduate in Economics of the University of Peradeniya and a fellow of the Sri Lanka Institute of Taxation. He is a tax consultant. |
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