Sri Lanka’s exporters are urging the government to ensure the full implementation of Revenue Administration and Management Information System (RAMIS) by January 2017 before abolishing the Simplified Value Added Tax (SVAT).
“The Exporters Association of Sri Lanka (EASL), which represent the majority of Sri Lankan exporters, small, medium and large, urgently calls upon the Ministry of Finance and the Department of Inland Revenue to confirm that RAMIS will be fully implemented and that it will be operational in January 2017. Exporters were deeply concerned at the announcement that SVAT will be suspended, but have been assured that RAMIS will allay their concerns as it will replace the current SVAT scheme,” EASL said in a statement.
Exporters said SVAT system, up to now, provided them with a significant level of relief towards the constraints on its cash flows, as, prior to that, exporters endured delays of months and even years, to recover the significant value of VAT they reposed with the Inland Revenue Department.
“It is for this reason that exporters are needing to reiterate that there should not be a hiatus in the transition from SVAT to RAMIS and that the current SVAT system must remain operational until RAMIS is in place as projected,” EASL added.