Speaker endorses Inland Revenue Amendment Act

Speaker Dr Jagath Wickramaratne endorsed his certificate on the Inland Revenue (Amendment) Bill yesterday (03).

The debate on the second reading of the Inland Revenue (Amendment) Bill took place on 19 May 2026, where the bill passed with amendments.

Amending the Inland Revenue Act No. 24 of 2017 modernises tax administration processes, clarifies existing provisions, and strengthens tax compliance and enforcement.

Additionally, the act aims to refine tax calculations and deductions, support strategic economic needs, and enhance transparency and anti-money laundering efforts.

The new act introduces several key changes, making the Taxpayer Identification Number (TIN) mandatory for specific financial transactions, making several amendments to income calculation methods, clarifying tax exemptions granted to specific projects and businesses, and expanding the scope of information disclosure to relevant authorities.

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