The Ceylon Chamber of Commerce has drawn attention to the proposed Inland Revenue (Amendment) Bill 2026, outlining key changes that will significantly impact individuals and businesses.
Taking to ‘X’, the Ceylon Chamber of Commerce said that, issued on 24 February 2026, the proposed amendments introduce major changes to deductions, withholding taxes, filing requirements, and compliance rules.
According to the Chamber, key measures include stricter deduction rules requiring banking channels, expanded withholding tax obligations for freelancers and service providers, a new instalment tax system from April 2026, clearer residency criteria, and stronger enforcement powers.
Taxpayers are advised to review these changes carefully, as they signal a shift toward tighter compliance and transparency in Sri Lanka’s tax system.
For more information, visit https://documents.gov.lk/view/bills/2026/2/13-2026_E.pdf (Newswire)
