An agreement was reached between the Government and the private sector to defer the 2017 Budget proposal to abolish the SVAT system from 1/1/2017 to 1/4/2017, as an outcome of the meeting private sector representative had with Hon. Prime Minister on 1/1/2017.
Subsequently the private sector technical committee appointed by joint Chambers and Trade Associations, met with the Commissioner General of the Inland Revenue Department on 11/1/2017 to understand the work plan of the Inland Revenue Department in preparing for SVAT abolition and moving to a refund mechanism through the RAMIS system.
Having studied this matter in detail, private sector stakeholders made submissions to Hon. Prime Minister to reconsider the possibility to maintain the current SVAT mechanism until a robust refund mechanism is put in place.