Sri Lankan Inland Revenue Department’s notice on the repeal of the SVAT scheme, effective 1 October 2025:
- SVAT Scheme Terminated: All Registered Identified Purchaser (RIP) and Registered Identified Supplier (RIS) statuses will be cancelled, transitioning businesses to the standard VAT system.
- Operational Changes: Businesses must stop issuing and accepting SVAT Credit Vouchers, begin issuing standard tax invoices, and report transactions under regular VAT return categories.
- Final Deadlines & Compliance: Specific schedules (e.g., SVAT 04, 05, 06, 07) must be submitted by 31 October 2025, and unused voucher books returned by 10 November 2025 to the Inland Revenue Department.
Source gov.lk
Latest Posts in "Sri Lanka"
- Sri Lanka Introduces Risk-Based VAT Refund Scheme Effective October 2025
- Sri Lanka Delays 18% VAT on Non-Resident Electronic Services to April 2026
- Exporters Concerned Over VAT Transition Impact on Cash Flow and Export Competitiveness
- Sri Lankan Business Chambers Challenge SVAT Removal in Court Over Lack of Refund Mechanism
- Sri Lanka Abolishes SVAT, Introduces Risk-Based VAT Refund Scheme Effective October 2025
