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select the press
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We
refer to our previous communications on the above subject.
The Chairman has been periodically evaluating the progress
on the delay in VAT refunds with the VAT Commissioner,
Mr Kaluarachchi.
We are pleased to be able to announce that the situation
is reported to have improved vastly from the time the
Chairman last reported on this subject at the managing
committee meeting.
Mr Kaluarachchi has confirmed to the Chairman that the
required special allowance of funds from the Treasury
has been made and most of the outstanding payments have
been passed and corresponding cheques due to be released
during the course of this week.
The VAT Commissioner has also confirmed to the chairman
that a special account with the Central Bank as proposed
in the budget has also been instituted where 10% of the
VAT Collection through customs are being deposited. The
VAT Commissioner says that IRD is now permitted to access
the funds directly for the purpose of making the refunds.
Mr Kaluarachchi has also given an assurance to the Chairman
that by February 28,2006, the latest, all VAT refunds
outstanding would be brought up to date.
Yours faithfully
Sgd
NILIKA ARIYAWARDENA
FOR SECRETARY
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Circular
No: 1 of 2006
