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COYLE urges public to obtain TIN Numbers to avoid unbearable penalties

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TIN Registration in Sri Lanka Explained:

The Tax Identification Number (TIN) has become a widespread topic of discussion across the country, and a considerable amount of misinformation is circulating on this matter. It’s essential to clarify that possessing a TIN doesn’t automatically imply liability for tax payment. Instead, it provides individuals with convenient access to numerous services offered by various state institutions without any complications. As of January 1, individuals failing to obtain a Taxpayer Identification Number (TIN) will face a penalty not exceeding Rs. 50,000, cautioned the Department of Inland Revenue.

In a recent update, the Ministry of Finance clarified the role of Tax Identification Numbers (TINs) in Sri Lanka, highlighting that possessing a TIN doesn’t automatically translate to income tax liability. The President’s Media Division (PMD) has reported that only individuals aged 18 and above with an income exceeding the annual tax exemption limit of Rs. 1.2 million are obligated to pay income tax.

Any Sri Lankan earning less than this amount is not required to pay tax. However, it is mandatory for individuals above the age of 18 by December 31, 2023, January 1, 2024, and upon reaching their 18th birthday to register and obtain a TIN. Additionally, individuals earning an income surpassing Rs. 1,200,000 during the fiscal year (from April 1 of one year to March 31 of the following year) are required to register for income tax. However, individuals with no TIN may face a fine under Article 177 of the Inland Revenue Act not exceeding Rs. 50,000.

Upon obtaining a TIN, individuals will be assigned a nine-digit number. Those paying income tax will receive an additional four numbers at the end of their TIN, while those paying VAT will have a TIN ending with the number 7000.

Despite this clarification, possessing a TIN is now mandatory for specific routine transactions starting from February 1. These activities include:

Opening a current account

Seeking building plan approval

Registering a motor vehicle

Renewing a license, and

Registering title deeds to land.

The Commissioner General of Motor Traffic, Nishantha Anuruddha Weerasinghe, emphasized that vehicle ownership or registration cannot proceed without the Taxpayer Identification Number (TIN). Urging the public to promptly obtain the TIN for required services, he further advised against visiting the Department without the necessary number to avoid unnecessary delays.

Boosting government revenue is crucial for Sri Lanka’s economic recovery, especially during the current crisis, aiming to establish a more sustainable economic environment. However, it is essential to ensure that the tax burden is borne by those with the capacity.

Personal Income Taxes (PIT) play a vital role in revenue generation and addressing inequality through effective redistribution. In Sri Lanka, PIT revenue has experienced a steady decline, dropping from 0.9% of GDP in 2000 to 0.2% in 2022—lower than similar low-income economies. To maintain fairness and prevent bracket creep caused by inflation, adjusting thresholds becomes essential. A well-founded approach to determining thresholds, tax slabs, and rates is necessary for increased revenue collection and equitable taxation.

Frequent changes to tax policies, such as the nine revisions to PIT slabs and five adjustments to the tax-free threshold since 2000, without a clear economic rationale make tax administration more complex and hinder compliance. With the country falling short of the first-quarter revenue targets set by the IMF’s Extended Fund Facility Program, enhancing income tax collection becomes pivotal. To meet revenue goals and ensure a fair distribution of the tax burden, it is essential to expand the tax base, emphasizing the importance of aligning with the program’s objectives.

How to obtain a TIN?

The public has the flexibility to register online at www.ird.gov.lk to acquire a Taxpayer Identification Number (TIN). For information, anyone can browse the comprehensive quick guide titled ‘How to register as a Taxpayer’ for a step-by-step walkthrough of the e-Services screens. Another option is to secure a TIN by personally visiting the Primary Registration Unit on the 2nd Floor of the IRD Head Office or any Regional Offices. Accuracy in providing your email address and mobile number is crucial during the TIN application process. Failure to adhere to these instructions may lead to registration by the department and a penalty.



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Indian business leader urges SL entrepreneurs to tap into India’s rapidly expanding consumer market

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T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL)

By Sanath Nanayakkare

Speaking at the Sri Lanka Economic and Investment Summit 2026, T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL), emphasised that local enterprises can unlock substantial economic benefits by strategically aligning with India’s booming consumer base.

Addressing business leaders and policymakers at the Shangri-La Hotel in Colombo, Krishnakumar highlighted that geographical proximity and rich cultural ties provide a natural foundation for deeper commercial collaboration.

He noted that instead of viewing bilateral trade narrowly, regional partnerships should act as conduits to build robust, scalable enterprises capable of plugging into wide-reaching regional value chains.

“For Sri Lankan exporters dealing in traditional staples as well as value-added goods, accessing India’s rising middle class presents a phenomenal growth window,” he said.

Drawing insights from Reliance Consumer Products’ rapid expansion – which scaled efficiently to thousands of employees and multi-billion-dollar metrics – Krishnakumar stressed that modern corporate success relies on disciplined execution, localised consumer understanding, and smart technology integration.

Furthermore, he underscored that while rapid growth is critical, businesses must consistently anchor their models in affordability and consumer trust.

Concluding his address at the summit, the RCPL chief noted that pairing regional trade integration with resilient business practices and predictable regulatory frameworks will be vital as Sri Lanka transitions firmly toward accelerated economic development.

Addressing the Summit during a subsequent fireside chat, President Anura Kumara Dissanayake underscored that a core concern currently being targeted by the government is developing a critical mass of local entrepreneurs equipped to engage with international enterprise counterparts.

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SriLankan Airlines wins prestigious SATA 2026 Visitors’ Choice Award for Leading International Airline

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SriLankan Airlines has once again been honoured with the prestigious Visitors’ Choice Award for Leading International Airline at the South Asian Travel Awards (SATA) 2026, reaffirming its continued recognition in the regional travel and tourism industry. The airline, which has received this award in previous years, was the only international airline to be recognised in this category at this year’s event. The 10th anniversary edition of the awards ceremony was held earlier this month at Hotel Barcelo Nasandhura in Male, Maldives.

Recognised as one of the key events on the Maldivian tourism and travel industry calendar, SATA celebrated its 10th anniversary on a grand scale, bringing together prominent industry stakeholders, including Government Ministers, distinguished dignitaries, diplomats and senior representatives from leading airlines and their respective head offices.

Commenting on the achievement, Dimuthu Tennakoon, Head of Commercial, SriLankan Airlines, stated, “We are honoured to receive this recognition at the South Asian Travel Awards 2026. Being named the Leading International Airline in the Visitors’ Choice Awards once again is a meaningful acknowledgement of our commitment to serving our passengers and strengthening our presence in the region. This award inspires us to continue enhancing the travel experience we offer and to build stronger connections with the markets and communities we serve.”

Complementing its commitment to service excellence, SriLankan Airlines offers an extensive flight network with convenient connections to destinations across the globe. In South Asia, the airline operates nearly 130 flights each week to 15 destinations across India, Pakistan, the Maldives, Nepal, and Bangladesh. With schedules thoughtfully designed to suit the needs of travellers, SriLankan Airlines provides seamless connectivity for those visiting Colombo for business or leisure, as well as passengers travelling onwards to destinations worldwide.

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JXG enters LMD’s Most Respected Entities in Sri Lanka 2026 for the first time, securing a place among the first 50

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Gamika de Silva, Group Chief Marketing Officer at JXG

JXG (Janashakthi Group), Sri Lanka’s leading financial conglomerate, has been ranked 44th in LMD’s Most Respected Entities in Sri Lanka 2026, marking the Group’s first appearance in the prestigious listing. The recognition places JXG among Sri Lanka’s most respected companies and marks an important milestone in the Group’s master-brand journey.

As the holding company, JXG was also recognised across key attributes including Aspirational Workplace, Business Expansion, Business Innovation, Corporate Culture, Corporate Dynamism, Crisis Management, Employee Wellbeing, Honesty and Integrity, and Leadership Profile. The recognition reflects the growing strength of the JXG brand and the collective contribution of its businesses and people in building trust and confidence among its stakeholders.

JXG’s subsidiaries, including Janashakthi Life and First Capital, have also been recognised in the main table of LMD’s Most Respected Entities 2026 rankings, while Janashakthi Finance has been recognised under the Business Expansion attribute, reflecting the strength of the Group’s individual businesses alongside its growing master brand.

Conceptualised and commissioned by LMD and conducted by PepperCube Research Consultants, the Most Respected Entities special edition recognises companies based on an independent survey of Sri Lanka’s business community.

Commenting on the recognition, Gamika de Silva, Group Chief Marketing Officer at JXG, said, “This is a proud moment for all of us at JXG. We set out to build a Group brand that is not just seen but lived by our people and reflected in everything we do. Ultimately, the true testament to any brand lies in its people, and the credit for this recognition goes to everyone across JXG who brings our values to life every day. This recognition is an encouraging milestone for us, while also reminding us to keep raising the bar and earning the respect of our stakeholders through what we do.”

JXG’s approach to building trust is anchored in its core values of Integrity, Collaboration, Respect, Performance Driven and Innovation. These values guide how its businesses operate, how its people engage with one another and how the Group serves its customers and wider stakeholders.

As JXG continues to expand its businesses, the Group remains focused on strengthening its market presence, creating long-term value and contributing to the growth of Sri Lanka’s financial services sector, guided by its purpose, Breaking Barriers, Forging Futures.

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