Sri Lanka Parliament Approves Inland Revenue Amendment Bill, Enhancing Tax Administration

The Sri Lankan Parliament passed the Inland Revenue (Amendment) Bill on May 19, 2026, with amendments, following a debate. This legislation, which amends the Inland Revenue Act No. 24 of 2017, aims to modernize tax administration procedures, enhance tax compliance and enforcement, and improve the accuracy of tax calculations. A key feature of the bill is the introduction of mandatory Taxpayer Identification Number (TIN) certificates for significant financial transactions, alongside provisions for penalties for non-compliance. Deputy Minister Dr. Anil Jayanth stated the amendments support the government's policy for a fair tax system, though opposition proposals to ease TIN penalties were rejected. Speaker Dr. Jagath Wickramaratne has since endorsed the certificate on the bill.