Srilanka, Feb. 24 -- The National Chamber of Exporters of Sri Lanka (NCE) expressed its apprehension regarding the proposed removal of the simplified value added tax (SVAT) system and its replacement with a streamlined value added tax (VAT) refund mechanism.

While it commended the government's proactive efforts toward a digital transformation and economic modernisation, it said that the potential consequences for the export sector necessitate careful consideration and planning.

The exporters remain a cornerstone of Sri Lanka's economy, contributing significantly to the government's ambitious US $ 19 billion export target. However, the sector is already grappling with a myriad of challenges, including fluctuating global demand, fierce ...