Sri Lanka, Nov. 11 -- Deputy Minister of Finance and Planning, Dr. Anil Jayantha, said today (11) that the new risk-based SVAT refund system allows eligible exporters to receive refunds within 45 days of submitting their returns.

He explained that the SWAT system, introduced on April 1, 2011 as a temporary measure, is no longer needed with the automated system in place. Under the new framework, refunds are processed through an e-filing system based on a risk rating of exporters, using past transaction records and Inland Revenue Department data.

Low- and medium-risk exporters will receive refunds automatically without pre-verification, while high-risk exporters will undergo compliance verification before refunds are released.

Dr. Jayant...