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Sri Lanka ends SVAT, starts risk-based VAT refund scheme today
Daily FT
|October 01, 2025
IRD says will facilitate faster, efficient VAT refunds for eligible exporters, projects while reducing errors, fraud, Notes non-compliance, errors in submitted schedules pauses 45-day refund timeline till rectification to ensure accountability , Exporters warn of $ 80 m monthly cash flow hole without credible VAT refund mechanism; opine IMF did not mandate immediate SVAT removal, only system readiness
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THE Inland Revenue Department (IRD) has announced a major overhaul of Sri Lanka's VAT refund system, replacing the Simplified Value Added Tax (SVAT) scheme with a risk-based refund mechanism effective today.
The IRD stated that the new mechanism aims to facilitate faster and more efficient VAT refunds for eligible exporters and projects while reducing opportunities for fraud and errors.
Diese Geschichte stammt aus der October 01, 2025-Ausgabe von Daily FT.
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