Mar 31, 2017 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce has welcomed the decision by the Finance Ministry to postpone the abolition of the SVAT system that was due to come in to effect on 1st April 2017.
The chamber said the decision follows joint submissions made by them, the Joint Apparel Association Forum, Exporters Association, Lanka Fruit and Vegetable Producers, Processors and Exporters Association, National Chamber of Exporters, National Chamber of Commerce and Sri Lanka Shippers’ Council.
“The Ceylon Chamber particularly thanks Prime Minister Ranil Wickremesinghe for his intervention in this matter, and actively engaging with the business community,” a statement said.
The SVAT system was to be abolished on 1st January 2017 as announced in Budget 2017, but was subsequently postponed to 1 April 2017 subsequent to meetings the private sector had with the Prime Minster in early January.
The Ceylon Chamber together with other private sector stakeholders made strong submissions to government to maintain the current SVAT system until a robust VAT refund mechanism is put in place.