Speaker Certifies Inland Revenue Amendment Bill

Colombo, Sri Lanka – The Inland Revenue (Amendment) Bill has received certification from Speaker Dr. Jagath Wickremaratne, marking a significant step in modernizing Sri Lanka's tax administration.

The bill, which passed its second reading with amendments on May 19, 2026, aims to update the existing 2017 Inland Revenue Act. Its primary objectives include streamlining tax administration processes, clarifying current provisions, and strengthening tax compliance and enforcement.

Further goals of the amendment are to refine tax calculations and deductions, support strategic economic requirements, and enhance the capacity to combat money laundering and terrorism financing. The legislation seeks to improve transparency in financial dealings.

Key changes introduced by the new act include making the use of a Taxpayer Identification Number (TIN) mandatory for significant financial transactions. It also introduces several amendments to how income is calculated, clarifies tax exemptions for specific projects and businesses, and broadens the scope of information disclosure to relevant authorities. The Inland Revenue (Amendment) Bill will now be enacted as the Inland Revenue (Amendment) Act, No. 11 of 2026.