The Fabric & Apparel Accessory Manufacturers Association (FAAMA) successfully hosted a well-attended breakfast seminar, “No SVAT—What’s Next?”, on July 17, 2025, at NH Collection, Colombo 03. The event brought together senior industry leaders—including CEOs, CFOs, and representatives from both member and non-member companies—demonstrating the sector’s strong interest in understanding the implications of the government’s decision to abolish the Simplified Value Added Tax (SVAT) system effective October 2025.
Expert presentations were delivered by Mr. Suresh R I Perera, Principal – Tax & Regulatory Division at KPMG, and Ms. Priyanka Dissabandara, Commissioner of the Risk Management Unit at the Department of Inland Revenue. They provided a comprehensive overview of the upcoming transition from SVAT to the standard VAT system, including the introduction of a risk-based VAT refund process, new exporter registration requirements, compliance expectations, and the impact on both T2 and T3 factories.
The seminar also addressed practical concerns raised by attendees, with an engaging Q&A session that clarified key issues such as refund timelines, compliance obligations, and transitional provisions. Participants appreciated the opportunity to gain direct insights from experts and to prepare for a smooth transition under the new regulatory framework.
FAAMA remains committed to supporting its members and the wider industry through timely knowledge-sharing and advocacy, especially during periods of significant regulatory change.
