Sri Lanka Inland Revenue has issued a Notice to Taxpayers on the repeal of the Simplified Value Added Tax (SVAT) Scheme effective 1 October 2025. The SVAT Scheme, introduced in 2011, was meant to streamline tax compliance for exporters and strategic projects, allowing eligible businesses to suspend VAT at the point of transaction instead of paying input VAT and later claiming a refund. Starting 1 October 2025, all SVAT registrations, including those under Registered Identified Purchaser (RIP…