CA Sri Lanka’s annual symposium examines pathways to economic recovery through tax reforms

A panel session in progress

Heshana Kuruppu

Dr. W.A. Wijewardena

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) convened its 4th Annual Economic and Tax Symposium on June 26  under the theme “Tax Reforms and Economic Resilience: Driving the Nation to Progress”. 

The high-level forum brought together key voices from across the public and private sectors, reinforcing CA Sri Lanka’s commitment to shaping national policy through informed dialogue, thought leadership, and forward-thinking solutions in the areas of taxation and economic reform.

Attended by a cross-section of representatives from various industries, practitioners, and students, the symposium was graced by Heshana Kuruppu, President of CA Sri Lanka; Vice President  Tishan Subasinghe, Members of Council; Sarah Afker, Chairperson of the Faculty of Taxation; Saman Siri Lal, Chairman of the Economic and Tax Symposium Committee; and Lakmali Priyangika, Chief Executive Officer of CA Sri Lanka.

In his speech, Kuruppu emphasised CA Sri Lanka’s commitment to strengthening economic resilience, enhancing tax compliance, and fostering a fair and efficient tax system. He also addressed recent misconceptions suggesting that accountants facilitate tax evasion, firmly clarifying that members of CA Sri Lanka play a vital role in supporting national tax revenue through responsible and lawful tax planning.

The keynote address was delivered by Dr. W.A. Wijewardena, former Deputy Governor of the Central Bank of Sri Lanka, who stressed the importance of innovation-led economic growth. He noted that Sri Lanka’s historic average growth rate of 4.1 percent is insufficient and emphasised the need for at least 8% annual growth to transition into a high-income economy.

The symposium also consisted of four sessions. The first examined Sri Lanka’s current macroeconomic landscape, focusing on the steps required to transition towards a sustainable growth trajectory. 

The second explored global tax developments and their implications for Sri Lanka. The third highlighted the benefits of digitisation, addressed key industry concerns, and outlined expectations for Budget 2026. The final session focused on the practical challenges faced by taxpayers and the administrative hurdles in achieving effective tax compliance.

The fourth session brought together N, R. Gajendran, Senior Partner, Gajma & Co, Denzil Rodrigo, Managing Director – ECI Tax Chambers, and Athula Ranaweera, Managing Partner – Ranaweera Associates, who responded to questions and counter questions posed by Dinusha Rajapakse, Partner - Tax Services – BDO, Rifka Ziyard, Principal Tax – KPMG, and Sanka De Alwis, Senior Manager – Crevaty.  

Discussions included the abolition of SVAT, arbitrary assessments, delays in granting WHT credits, imposition of notional interest, and interest without caps, highlighting the need for balanced enforcement.