The Inland Revenue (Amendment) Act No. 11 of 2026 has come into force following endorsement by Speaker Dr. Jagath Wickramaratne, introducing several changes that taxpayers and holders of Taxpayer Identification Numbers (TINs) may need to pay close attention to.
The legislation, which amends the Inland Revenue Act No. 24 of 2017, was passed by Parliament on May 19.
According to Parliament’s Communications Department, the amendments are intended to modernise tax administration, strengthen compliance and enforcement, improve the accuracy of tax calculations and deductions, and enhance transparency measures.
The changes also expand the scope for information sharing with relevant authorities and introduce greater clarity on tax exemptions applicable to certain projects and businesses.
For taxpayers, the increased importance of TIN usage suggests that tax identification will play a larger role in financial and commercial transactions going forward. Individuals and businesses that have already obtained TIN certificates may need to ensure their information remains updated and readily available when conducting transactions covered under the new law.
The amendments are also part of broader efforts to improve revenue administration and strengthen anti-money laundering measures through enhanced monitoring and reporting mechanisms.
With the Act now in force, tax professionals, businesses, and individual taxpayers are expected to closely review the new provisions to understand how the changes may affect their tax obligations and future financial transactions.
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Last modified: June 9, 2026
