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New Gazette Requires Regular Transaction Reporting to Inland Revenue Department

May 25, Colombo (LNW): A special gazette has been issued mandating that all banks, financial institutions, and various government institutions must regularly inform the Inland Revenue Department (IRD) of their transactions starting from July 1.

According to Extraordinary Gazette Notice 2376/25 dated March 21, 2024, the Minister of Finance, Economic Stabilization, and National Policy has directed that regular information be provided to the Commissioner General of Inland Revenue (CGIR).

The gazette notification specifies that the Registrar General’s Department, the Department of the Registrar of Companies, the Motor Traffic Department, and officials from any government agency responsible for awarding contracts for goods, services, or consultancy and non-consultancy services must provide information to the IRD.

In the future, this information should be submitted to the Commissioner General of Inland Revenue through a web-based platform or another electronic platform approved by the CGIR. Further details regarding the submission process will be announced later. The gazette also requires banks and non-bank financial institutions regulated by the Central Bank of Sri Lanka, any financial institution, and the chairman of the Colombo Stock Exchange to comply with this reporting requirement.

For more information, contact the Inland Revenue Department’s call center at 1944.

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