MEMBERS NEWSLETTER

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MEMBERS NEWSLETTERApril 2011enumerating significant processes and significant accounts to assist the directors in reportingrequirements.• Sri Lanka Standard on Assurance Engagements 3050 – Assurance Report for Banks onDirectors’ Statement on Internal Control (SLSAE – 3050)This Sri Lanka Standard on Assurance Engagements establishes and provides guidance onassurance engagements to report on the Directors’ Statement on Internal Control relating toeffectiveness of internal control mechanism that confirms that the financial reportingsystem has been designed to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements for external purposes hasbeen done in accordance with relevant accounting principles and regulatory requirements.• Sri Lanka Related Services Practice Statement 4750 – Engagements to report on thecompliance with the corporate governance directive issued by the Central Bank of Sri Lanka(SLRSPS – 4750)This Sri Lanka Related Services Practice Statement 4750 establishes Standards and provideguidance on the directions issued by the Central Bank of Sri Lanka (CBSL), on CorporateGovernance for Licensed Commercial Banks, Section 3(8)(ii)(g) of the Banking Act directionNo. 11 of 2007. These directions require the external auditor of the bank to report on thebank’s compliance with the corporate governance directions in the corporate governancereports.The Guidance and SLSAE 3050 are for the purpose of compliance with the sections 3(8)(ii)(b)and 3(8)(ii)(c) of the Banking Act Direction and SLRSPS 4750 is in compliance with thesection 3(8)(ii)(g) of the Banking Act Direction.The practitioners, banking personnel and other related personnel should be aware of thesedocuments and consider the appropriate Standards / Practice Statement applicable to theengagement.
MEMBERS NEWSLETTERApril 2011TAX UPDATEAmendments to the Value Added Tax (VAT) Act No. 14 of 2002Giving legal effect to the 2011 Budget Proposals, which was passed by the Parliament onMarch 22 nd 2011 and certified on March 31 st 2011, the following changes were made to theVAT Act No 14 of 2002.1. Rate Changes ( Section 2 , Section 25C & Rate Schedules)(a) The reduction of 20% to 12%(i) Effective from 23.11.2010The import or supply of goods referred to in paragraph (a) of the Forth Schedule to ValueAdded Tax Act No. 14 of 2002(ii) Effective from 01.01.2011The supply of –- services by hotels, guest houses, restaurants or similar institutions in so far as suchservices are provided for the holding of wedding receptions and other receptions, whichincludes the hiring of halls for the holding of wedding receptions or other receptions otherthan services provided for the holding of professional conferences, seminars or similarevents; and- financial services mentioned under section 25 of the Value Added Tax Act. (The valueaddition for tax purposes will be calculated after deducting the VAT on financial servicespayable)(the 8% tax savings shall be invested in the fund established in the Central Bank { section25(C) (9) }(b) Expansion of applicable VAT rate for Optional VAT (Sections 25H &25I)Effective from 01.01.2011, the rates applicable and the period in which the business couldremain in the status of optional VAT are expanded as follows.
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