The Government has decided to rationalize VAT exemptions and abolish the existing Simplified Value Added Tax (SVAT) system with effect from 1st January 2024.
Accordingly, Cabinet Spokesperson Minister Dr Bandula Gunawardena stated that the proposal submitted to the Council of Ministers to instruct a draftsman to prepare a bill to amend the relevant provisions of the Value Added Tax Act has been approved.
It is stated that the rationalization of existing value-added tax exemptions has the potential to increase tax revenue by approximately 1.2% of the gross domestic product.
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