Speaker endorses the Inland Revenue (Amendment) Bill

Speaker of Parliament Jagath Wickramaratne on Wednesday (June 3) endorsed the certificate on the Inland Revenue (Amendment) Bill, which introduces mandatory Taxpayer Identification Number (TIN) certificates for significant financial transactions as part of wider reforms to modernize tax administration.

The Inland Revenue (Amendment) Act, No. 11 of 2026, amending the Inland Revenue Act, No. 24 of 2017, was passed on May 19, 2026.

The Act clarifies provisions, strengthens compliance and enforcement, improves accuracy in tax calculations, supports strategic economic objectives, and enhances transparency and anti‑money laundering measures.

Key changes include revisions to income calculation, clearer rules on exemptions for specific projects and businesses, and an expanded scope for disclosure of information to relevant authorities.

Accordingly, the Inland Revenue (Amendment) Bill now comes into force as the Inland Revenue (Amendment) Act No. 11 of 2026.