Sri Lanka has introduced a procedure for re-payment of the 15% VAT to foreign tourists on their departure for the goods purchased by them during their stay in Sri Lanka. The system will be implemented with effect from Tuesday (11), the Ministry of Finance and Media said today.
Minister of Finance and Media Mangala Samaraweera will open the special counter at the departure terminal of the Katunayake Bandaranaike International Airport by tomorrow evening.
This procedure is another budget proposal of the 2018 budget that has come to fruition and will be implemented by the Department of Inland Revenue (IRD). Businesses are required to register with the IRD under this programme for repayment of VAT to become eligible under this scheme.
18 shops that sold goods and garments have already been registered under the Department of Inland Revenue in order to be qualified under this procedure. Any enterprise that is willing to be stakeholders of this system can register under the Department of Inland Revenue based on their permanent VAT number.
Under the VAT refund process, foreign tourists must present the tax refund forms obtained at customs offices, along with the VAT receipts issued by participating shops and the items purchased, to customs offices, along with the VAT receipts issued by participating shops and the items purchased, to customs officers to be checked and stamped upon departure from Sri Lanka.
The objective of this programme is to attract more foreign tourists to Sri Lanka to bolster the island nation's effort of positioning itself as a vibrant trading hub of Asia, in line with the Budget Proposals of 2018.
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