The Ceylon Chamber of Commerce (CCC) expressed its appreciation to the Government for the decision taken to postpone the repeal of the SVAT scheme in a media release.
Excerpts:
“The Bill provided to repeal the Simplified Value-Added Tax Scheme (SVAT) from January 1, 2024. This raised several concerns among various sectors, including exporters registered under the current SVAT system.
“Thus, we commend the decision to postpone the repeal of the Simplified Value-Added Tax Scheme (SVAT) to April 1, 2025, following careful consideration of stakeholders’ concerns.This postponement allows businesses and individuals, particularly exporters, ample time to adjust operations to adapt to the impending changes. It also affords the Government the space to set up a strong tax repayment mechanism. These efforts would ensure a smoother transition and mitigate the risk of financial instability, thereby aiding in the country’s overall economic well-being.
“We view this as a positive step towards collaborative policymaking, which is beneficial to the country’s overall economic landscape. It resonates with our core belief in the importance of constructive dialogue and its role in shaping effective, dynamic policy landscapes,” the release added.
