Srilanka, Sept. 27 -- Sri Lanka's top export bodies yesterday sounded the alarm over government's decision to eliminate the Simplified Value Added Tax (SVAT) system on October 1, warning that the new risk-based refund mechanism is untested and unprepared, posing a significant threat to the nation's export stability.

At a joint press conference held in Colombo, industry leaders described the move as a "huge gamble" that could trigger a severe cash flow crisis and undermine the government's own export-led growth agenda.

Representatives from associations including Joint Apparel Association Forum (JAAF), Sri Lanka Apparel Exporters Association (SLAEA), Tea Exporters' Association (TEA), and National Chamber of Exporters (NCE) collectively u...