On 5 August 2021, Sri Lanka Inland Revenue issued a notice to taxpayers on the new requirement that the receipt of inward remittance for exports of goods or services is mandatory for refunds of the input VAT paid on materials used and services consumed in such exports.
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Receipt of Inward Remittances for Exports and Adjustment of Input Value Added Tax (VAT)
In terms of section 7(1) of the Value Added Tax Act, No. 14 of 2002 (VAT Act) as amended by the Value Added Tax (Amendment) Act, N…