SLRA-IRD promote VAT refund implementation at BIA
The Sri Lanka Retailers’ Association (SLRA) member company representatives recently participated in an awareness programme conducted by the officials of the RAMIS Project Office of the Inland Revenue Department (IRD) to educate and promote the implementation of the Tourist VAT Refund Scheme (TVRS), at Bandaranaike International Airport (BIA).
The TVRS will be launched initially as a pilot project by the IRD on a manual system and will be graduated to a fully automated RAMIS system operated by the IRD connecting online with the authorized retailers in the future.
The new TVRS is introduced by the IRD under section 58A of the Value Added Tax Act, No. 14 of 2002 (Amended by Act) and implemented by the gazette notifications of IRD Commissioner General and finance minister accordingly.
The foreign tourists, who purchase specified goods exceeding Rs.50,000 exclusive of VAT from authorized retailer outlets in Sri Lanka, are eligible to claim VAT refund at the airport as per applicable terms and conditions of the TVRS system.
The eligible tourists can claim VAT refund by presenting the TVRS tax invoice for specified goods purchased to the Custom officer at the TVRS counter and thereafter on approval encash the TVRS voucher in US dollars from the Bank of Ceylon Transit branch at the airport, as quoted in the presentation by the IRD officials.
The SLRA members comprising representatives from Abans, Avirate, Cool Planet, Cool Kidz, Cotton Collection, Damro, Dankotuwa Porcelain, Exclusive Lines, Hameedia, Leather Collection, No Limit, Odel, Softolgic, Shirtworks, The Factory Outlet and Thilakawardene Textiles, attended this awareness programme presentation presided by Senior Commissioner M.J. Gunasiri, Deputy Commissioner Mahesh Ranawakarachchi and Assistant Commissioner Suresh Muhandiram. They work on the TVRS implementation initially on a pilot manual system from the IRD connecting with the authorized retailer outlets and the TVRS counter at BIA.