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Overclaimed VAT refunds exceeding Rs. 300 m mark

Detection: The Department of Inland Revenue has detected Rs. 303 million worth overclaimed VAT refunds over the past nine months.

Commissioner General of the Department of Inland Revenue A.A Wijepala told the Daily News that "after a careful audit on claimed VAT refunds we have found some exporters have claimed a large amount of money exceeding the amount that needs to claimed as VAT refunds. Department has stopped this Rs. 303 million VAT refunds for exporters".

"If the auditing proved that exporters had been paid extra as VAT refunds department will make necessary arrangements to deduct them through future VAT refunds, he said. "However we have produced Rs. 1598 million as VAT refunds for the past three months.

The VAT refunds had been settled through public money and the department needs to verify the correct amount of money produced as VAT refunds through proper audit, though some exporters complained refunds have been delayed, he said.

"Not every application for VAT refunds is correct. Sometimes statistics submitted by the exporters do not tally with the Customs statistics. We request exporters to submit correct information to accelerate VAT refunds and to give fullest cooperation for the auditing, he said.

The Department is giving priority to exporters who come with bank guarantees for their VAT refunds. There are 327 exporters who obtain their VAT refunds through bank guarantees. Department also advices exporters who need quick VAT refunds to come with bank guarantees.

"We are expecting that the VAT refund process will be accelerated within three months with the newly recruited staff.

Due to the recent budget proposals the department expects that there will be reduction in VAT refunds in near future, Wijepala said.

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