Speaker certifies Sri Lanka's Inland Revenue Amendment Bill

Sri Lanka's Parliament Speaker has certified the Inland Revenue (Amendment) Bill, marking a significant step in modernizing the country's tax administration. The bill, which passed its second reading with amendments on May 19, 2026, aims to update the Inland Revenue Act No. 24 of 2017.

Key objectives of the amendment include streamlining tax administration processes, clarifying existing provisions, and enhancing tax compliance and enforcement. It also seeks to improve the accuracy of tax calculations and deductions, support strategic economic needs, and bolster efforts against money laundering and terrorism financing.

The legislation introduces several crucial changes. It makes the use of a Taxpayer Identification Number (TIN) certificate mandatory for significant financial transactions. Several amendments have been made to how income is calculated. Furthermore, the bill clarifies tax exemptions for specific projects and businesses and broadens the scope of information disclosure to relevant authorities.

As a result of these amendments, the Inland Revenue (Amendment) Bill will be enacted as the Inland Revenue (Amendment) Act No. 11 of 2026. This legislative update is expected to contribute to greater transparency and efficiency in Sri Lanka's fiscal management.