Srilanka, May 20 -- The Cabinet has approved amendments to the Inland Revenue Act No. 24 of 2017, introducing significant tax reforms aimed at enhancing transparency and easing burdens on low-income earners.

Among the approved changes is a mandatory requirement to provide a Tax Identification Number (TIN) when opening any type of bank account. The proposal was presented by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Planning, and Economic Development.

The government stated that the move is intended to address issues caused by the withholding tax system, which currently affects individuals whose annual income is below the Rs. 1.8 million tax-exempt threshold. Many such individuals face unnecessary tax dedu...