Choose Sri Lanka for Retail Therapy

SRI LANKA has introduced a new system enabling tourists to obtain refunds of 15 per cent Value Added Tax (VAT) payments for goods they purchase from shops in the country. The Tourist VAT Refund System (TVRS) was aimed at attracting tourists and generating income by sale of products, Finance Ministry sources said. 

A VAT refund counter was opened at the Bandaranaike International Airport’s exit terminal by Finance Minister Mangala Samaraweera on Tuesday. Tourists are able to obtain the VAT refund of 15% of the value of their goods.

Shop owners and traders will be required to register for this scheme at the Inland Revenue Department (IRD) under the Tourist VAT Refund Scheme and it is suggested that travellers check prior to making their purchase. 


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Low Cost customers to get 'very little' compensation

CUSTOMERS of failed Low Cost Travel Group are likely to receive just £7.50 each compensation, according to the administrators. The Palma-based company had lodged a bond of only €1.3 million (£1.09 million) with the Spanish travel agency regulator, even though it had a turnover of approximately £500 million a year

Finbarr O'Connell, of administrator Smith Williamson, told The Times that potential claims from customers could be more than £50 million. ‘There are about 140,000 customers we believe have lost out. Sadly this means there will be very little back for any claim.’

He said compensation will be paid to claimants on a pooled basis so everyone will get back about 1% to 2%. The company, which was not ATOL-bonded, has been criticized for sending e-mails offering customers large discounts to book hours before it collapsed.

Customers are being advised to contact their airline to check that their bookings were valid. The group said that in 'most' cases, flights had been paid for and tickets were still valid, but holidaymakers were likely to have to pay again for their accommodation or find alternatives.

Those who booked with a credit card and some debit cards might be able to claim compensation from their card issuers, while others might be able to make an insurance claim if their policy included supplier failure.

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