Sri Lanka’s opposition leader Sajith Premadasa on Tuesday criticized the government’s decision to abolish the Simplified Value Added Tax (SVAT) scheme for exporters, warning that the move would damage the country’s foreign exchange earnings and undermine competitiveness. Premadasa said in a post on X, formerly Twitter, that eliminating SVAT would tie up exporters’ capital, raise costs and make them less competitive in global markets. He urged the government to renegotiate its program with the International Monetary Fund rather than “blindly accepting” conditions that he said risk strangling the export sector. The Inland Revenue Department announced this week that SVAT will…
Premadasa slams end of SVAT, warns of disaster for exporters
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