Sri Lanka’s Ceylon Chamber of Commerce is suggesting moving to a value added system tax used in France, as an alternative to SVAT, a simplified value added tax credit system for exporters which avoided delays in tax refunds.
Sri Lanka is scrapping SVAT as part of streamlining the VAT system under an International Monetary Fund backed program.
Delays in refunds could further hurt cashflows of exporters, who are already seeing sales fall due to slowing export markets.
Source: economynext.com
