The Inland Revenue Department (IRD) of Sri Lanka has issued a critical notice for VAT registered persons who have faced difficulties in obtaining Credit Vouchers for the clearance of deferred VAT at Customs. This issue has primarily arisen due to the issuance of Estimated Assessments on Value Added Tax (VAT) Returns. To address this, the IRD has outlined specific steps that affected taxpayers need to follow in order to reclaim these credit vouchers.
Steps to Reclaim Credit Vouchers
Step 1: Obtain Permanent Acknowledgment
The first step is to ensure that you have received a Permanent Acknowledgment for the duly filed VAT return for the relevant taxable period. If you have not yet obtained this acknowledgment, it is crucial to do so as it serves as the foundation for proceeding with the next steps.
Step 2: Verification of Deferred Tax and Export Values
Next, review the deferred tax and export values that were declared in your VAT Return. If you identify any discrepancies or need to make corrections, you should submit a written request to amend the VAT Return. This process is necessary to revise the assessment, which will then enable the issuance of the credit voucher.
Step 3: Request for a Revised Assessment
If you find that the VAT return you previously filed is accurate, your next step is to make a written request for a revised assessment. This request should explicitly ask for the issuance of the credit voucher based on the accurate assessment.
Assistance and Queries
If you encounter any issues or have questions while following these steps, the IRD encourages you to reach out for assistance. You can contact the IRD hotline at 1944 for support.
