Sri Lanka Updates VAT and SVAT Regimes: Key Changes Effective July and October 2023

• Sri Lankan Inland Revenue updated FAQs on VAT and SVAT changes
• Phased rollout of VAT changes began July 1
• Changes include VAT schedule record capturing, return filing, and refund requests
• SVAT regime abolished starting October 1
• All SVAT registrations cancelled, transitioning to standard VAT system
• Refund processing enhancements introduced
• New risk-based refund regime and process for eligible exporters and projects
• Eligible exporters and projects moved from quarterly to monthly taxable period
• Existing monthly eligible exporters and projects remain in monthly filing frequency

Source: news.bloombergtax.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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