The Inland Revenue Department (IRD) has announced the abolition of the Simplified Value Added Tax (SVAT) and the introduction of the Risk-Based Refund Scheme (RBRS). Issuing a notice for registered persons for SVAT, the IRD states that the SVAT scheme will be abolished with effect from 01st October 2025 and will be replaced by the Risk-Based Refund Scheme. According to the IRD, the RBRS scheme aims to facilitate timely and efficient VAT refunds for eligible exporters and projects. While refunds will be issued within 45 days, subject to conditions. The IRD further states that refunds will be issued to eligible…
Risk-Based Refund Scheme replaces SVAT : Notice from IRD
Published in News
More from NewsMore posts in News »
- Restoration of Northern, Talaimannar railway lines begins
- Education reforms should suit the country, not the JVP: Namal
- Bride and groom among 8 killed in gas cylinder blast at Pakistan wedding
- Four arrested over alleged Grand Pass shooting plot
- Sri Lanka’s China-backed Hambantota Port eyes 2mn box capacity after 700-pct growth