Verified

TIN certificate mandatory for key transactions from November 1

Colombo, Sep. 25 (Daily Mirror) - The Inland Revenue Department (IRD) said that submitting a valid Taxpayer Identification Number (TIN) Certificate will become mandatory for a wide range of essential financial, commercial, and administrative transactions with effect from November 1, 2026. Issued under the provisions of the Inland Revenue (Amendment) Act No. 11 of 2026, the directive instructs responsible officials across institutions to strictly verify and confirm the submission of a valid TIN Certificate before any specified transaction is processed or completed.

Under the new regulatory framework, members of the public will be required to present their TIN Certificate when opening accounts at any bank or financial institution, obtaining credit cards, or registering a business. The mandate also encompasses key property and administrative activities, including registering land or land titles, obtaining official approvals for building plans, registering motor vehicles, and renewing vehicle licenses. The requirement also applies to corporate share transactions, requiring both the transferor and transferee to provide a TIN Certificate when transferring shares of companies incorporated in Sri Lanka.

Reiterating the legal context, the IRD emphasised that obtaining a TIN is mandatory for all resident individuals who were 18 years of age or older as of December 31, 2023, as well as those turning 18 on or after January 1, 2024, pursuant to Extraordinary Gazette Notification 2334/21. Individuals who intend to engage in any of the specified transactions and have not yet obtained a TIN are advised to apply immediately through the IRD’s online e-Services platform.

To facilitate smooth compliance, the Commissioner General of Inland Revenue clarified that individuals can also verify their TIN status online through the department's e-Services portal. If an official TIN Certificate is unavailable, institutions will accept a printout of the online verification result—clearly showing the individual's National Identity Card (NIC) number and TIN—as a valid alternative