Srilanka, Oct. 5 -- Exporters believe that the SVAT system was abolished to bring back the old system New risk-based refund scheme to facilitate timely and efficient VAT refunds The new VAT system that came into force from October 1 is far better than the system that existed before the SVAT (Simplified Value Added Tax) system, Commissioner, Risk Management Unit, Project Leader, SVAT Repeal Committee, Inland Revenue Department (IRD), Priyanka Dissabandara said.

Responding to claims by private sector chambers and exporters that abolishing the SVAT system would lead to a host of issues to taxpayers, she said the new risk-based refund scheme is an improved version which aims to facilitate timely and efficient VAT refunds, for eligible export...