Sri Lanka apparel exporters urge robust VAT refunds to avoid SVAT removal hit

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Sri Lanka apparel exporters urge robust VAT refunds to avoid SVAT removal hit

ECONOMYNEXT – Removing the current simplified value added tax (SVAT) system for export factories, without clear well-tested alternative could create cashflow issues for exporters at a time Sri Lanka’s Joint Apparel Exporters Association Forum said. Under a value added tax system, exports are zero rated and eligible to recover input VAT, but in Sri Lanka long delays in repaying input credits had led to the SVAT system. “JAAF acknowledges the Gove…