Trade Associations welcome postponement

The Spices and Allied Products Producers’ and Traders’ Association which is an approved Association of the Ceylon Chamber of Commerce expressed its appreciation to Prime Minister Ranil Wickremesinghe, Minister of Finance, Ravi Karunanayake, Minister of Development Strategies and International Trade Malik Samarawickrama and State Minister of International Trade, Sujeewa Senasinghe for the decision taken to postpone the abolition of the SVAT system which was due to come into effect on April 1 this year. Previously, the SVAT system was to be abolished on January 1 as announced in the Budget, but was subsequently postponed to April 1 following lobbying by the joint Chambers and Trade Associations with the Prime Minster in early January. The decision to postpone the abolition of the SVAT system will reduce cash flow issues and increase competitiveness of exporters.