The Inland Revenue (Amendment) Bill No. 24 of 2017 is expected to be tabled in Parliament shortly, introducing sweeping changes that will make the Taxpayer Identification Number (TIN) compulsory for eight essential activities, including opening bank accounts, transferring land, and registering vehicles, government sources confirmed.
This significant amendment mandates that individuals must present their TIN when conducting a range of financial and legal transactions. These include:
- Opening any type of bank account
- Obtaining building plan approvals from local government authorities
- Registering or renewing motor vehicle licenses
- Transferring ownership of land
- Registering a business
- Transferring company shares to another person
- Applying for credit cards
The amendment is part of a broader initiative to improve tax compliance and enhance fiscal transparency, aligning Sri Lanka’s taxation system with international standards.
According to Deputy Commissioner General of the Inland Revenue Department, Saman Shantha, the gazette notification associated with this amendment is expected to be published imminently.
Speaking to Lankadeepa on Sunday, Shantha revealed that the Inland Revenue Department (IRD) has already issued TINs to more than 10.5 million individuals, a figure reflecting the state’s urgency to expand the country’s tax base.
“Since there was a noticeable shortfall in voluntary TIN registrations, the department proactively issued TINs based on data collected from various sources,” he said. “People can now check online whether a TIN has been generated for them by visiting the IRD official website.”
If registered, individuals are required to visit the nearest regional office of the Inland Revenue Department with their National Identity Card (NIC) to obtain their TIN confirmation report.
The Inland Revenue Department hopes this move will tighten the government’s grip on undisclosed income, improve revenue collection, and formalize large swathes of the informal economy.
Once enacted, the bill is expected to impact a wide spectrum of citizens from entrepreneurs and property owners to bank customers and motorists as the TIN becomes a key requirement for accessing everyday services.
