Sri Lanka Tax Agency Posts Updated FAQs on Upcoming Changes to VAT, SVAT Regime

The Sri Lankan Inland Revenue Aug. 1 posted online updated FAQs on the upcoming changes to VAT and the simplified VAT (SVAT) regime. Topics covered include: 1) a phased rollout of VAT changes, starting July 1, including changes to VAT schedule record capturing, return filing, and refund requests, effective from the taxable period beginning July 1; 2) the abolition of the SVAT regime, effective from the taxable period beginning Oct. 1, which results in all existing SVAT registrations being cancelled and affected taxpayers under the SVAT regime transitioning to the standard VAT system; 3) refund processing enhancements, which include the ...