Sri Lanka, Oct. 10 -- The Simplified Value Added Tax (SVAT) System was thoroughly discussed at the recent Committee on Finance meeting held on October 7, chaired by Hon. Dr. Harsha de Silva, MP. Officials from the Department of Foreign Revenue presented on the system and addressed issues arising from its implementation.

Officials noted that current refund payment delays under the VAT system are due to a 100% audit of payments. They emphasized that the SVAT system would streamline processes, allowing timely reassessment within 45 days, reduce complexity, and boost revenue. The committee highlighted that the export industry should benefit significantly from this system.

Additionally, the chairman stressed the importance of developing an a...