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

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

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. MORE..

TIN mandatory to open all bank accounts in Sri Lanka

The Cabinet of Ministers in Sri Lanka has approved amendments to the Inland Revenue Act No. 24 of 2017, making it mandatory to provide a Taxpayer Identification Number (TIN) when opening any type of bank account. This move aims to improve tax compliance and transparency in the financial system. Alongside this requirement, a new self-declaration system will be introduced for local depositors who earn less than Rs. 1.8 million per year. These indi…