Spices trade welcomes deferment of SVAT abolition

The Spices and Allied Products Producers’ and Traders’ Association has expressed its appreciation to the Government for the decision taken to postpone the abolition of the SVAT system which was due to come into effect on 1 April.

Previously, the SVAT system was to be abolished on 1 January 2017, as announced in the Budget, but was subsequently postponed to 1 April 2017 consequent to lobbies the joint Chambers and Trade Associations did 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.

The SAPTTA commended 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. SAPTTA is an approved Association of the Ceylon Chamber of Commerce.