Economy

TIN to be made mandatory when opening bank accounts under new tax law amendments

Published

11 months ago

May 20, 2025

The Cabinet of Ministers has approved the proposal to initiate necessary amendments to the Inland Revenue Act No. 24 of 2017 in order to make it mandatory to furnish the Tax Identification Number (TIN) when opening all types of bank accounts.

Legal provisions to increase the withholding tax rate from 5% to 10% were introduced by the Inland Revenue (Amendment) Act No. 2 of 2025 with effect from April 1, 2025 due to charging advance income tax even from individuals with an income not exceeding Rs. 1.8 million which is the annual revenue limit to recover tax from. The measure was taken since depositors and low income earning individuals are apparently facing inconvenience.

As a solution to the issue, it has been proposed to introduce a methodology to present a self-declaration by the individuals with a lower income than the tax free margin.

Accordingly, the Cabinet of Ministers has granted approval to the proposal submitted by the President in his capacity as the Minister of Finance, Policy Planning and Economic Development to make necessary amendments to the Inland Revenue Act No. 24 of 2017 to introduce a self-declaration for all domestic depositors with an estimated revenue not exceeding Rs. 1.8 million per annum to release them from recovering withholding tax on interest and making compulsory of furnishing the Tax Identification Number (TIN) for opening all sorts of bank accounts.

Economy

Sri Lanka’s tourist arrivals exceed 840,000 so far this year

Published

15 hours ago

April 27, 2026

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The Sri Lanka Tourism Development Authority (SLTDA) stated that the number of tourist arrivals in Sri Lanka so far has crossed the 840,000 mark.

Accordingly, a total of 840,411 tourists have visited the country between January 1 and April 22, 2026.

The highest number of arrivals has been recorded from India, with 176,465 tourists, the SLTDA noted.

A significant number of visitors have also arrived from countries including the United Kingdom, Russia, Germany, and China.

Meanwhile, the SLTDA stated that a total of 99,777 tourists arrived in the country between April 1 and April 22, 2026.

However, the data indicate that daily tourist arrivals in April have declined significantly compared to previous months.

Economy

Haputale restaurant fined Rs. 1 million forover pricing bottled water

Published

1 day ago

April 27, 2026

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A restaurant in Haputale has been fined Rs. 1 million for selling a bottle of drinking water above the maximum retail price.

The fine was imposed by the Bandarawela Magistrate’s Court on April 24 following a raid conducted by the Consumer Affairs Authority Badulla District Office.

The raid targeted a restaurant owned by a private company on Welimada Road in Haputale. Authorities found that the establishment had sold bottled water at a price exceeding the approved limit.

The court subsequently imposed a fine of Rs. 1,000,000 on the hotel.

Economy

Sri Lanka to Launch First Digital Motor Insurance Card from May 1

Published

3 days ago

April 25, 2026

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Sri Lanka’s Ministry of Finance, Planning, and Economic Development has announced that the country’s first digital motor insurance card will be introduced from May 1.

The Ministry stated that this initiative represents a significant step toward advancing national digitalization while also enhancing public safety.

By replacing physical plastic cards, the move is also expected to contribute to environmental sustainability across the country.

The Ministry added that the digital motor insurance card will be officially launched in collaboration with the Insurance Regulatory Commission of Sri Lanka, the Insurance Association of Sri Lanka, and the Sri Lanka Police.