Inland Revenue Promises 45-Day VAT Refunds Through New SVAT System

Inland Revenue introduced the Simplified Value Added Tax system to reduce VAT refund delays to maximum 45 days
Current VAT system requires 100% audit causing significant delays in processing refunds
New SVAT system aims to minimize complexity while increasing revenue and improving export industry satisfaction
Committee recommended implementing risk rating mechanisms, formal appeals process, and interest payments for delays beyond 45 days
Monthly progress reports on SVAT implementation will be submitted to the Committee on Public Finance

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