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EY Sri Lanka sets out guidelines for SVAT phaseout
Daily FT
|September 08, 2025
WITH the Government abolishing Simplified Value Added Tax (SVAT) from 1 October 2025, EY Sri Lanka has issued guidelines on how businesses can manage the transition and comply with strict timelines.
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The firm has outlined the forms, deadlines, and reporting requirements that Registered Identified Suppliers (RIS) and Registered Identified Purchasers (RIP) must follow to complete the transition.
Sri Lankan businesses face a significant change in their tax compliance obligations with the withdrawal of the SVAT system from 1 October. The end of the SVAT will remove the upfront VAT suspension mechanism that exporters and other registered parties relied on to manage cash flow.
All supplies and purchases after 30 September will be subject to the standard VAT system, requiring companies to manage refunds through the regular process. EY Sri Lanka has issued detailed guidance for RISs and RIPs, stressing that strict adherence to deadlines is needed to compliance risks.
Suspended tax invoices will not be valid for supplies made after 30 September. Any supply dated from 1 October must be invoiced under the normal VAT system. While SVAT Schedules 04, 05 (a, b) and 07 will cease to apply beyond September, suppliers are still required to complete them for transactions up to 30 September.
This story is from the September 08, 2025 edition of Daily FT.
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