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TIN doesn’t automatically make someone liable for income tax – MoF

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According to the Finance Ministry, a Tax Identification Number (TIN) doesn’t automatically make someone liable for income tax; the obligation arises only when income exceeds the annual tax exemption limit of Rs. 1.2 million for those above 18. 

However, submitting the TIN is mandatory when opening a current account, requesting building plan approval, registering a motor vehicle, renewing a license & registering title to land from Feb. 01, the President’s Media Division states.

In a statement, the Inland Revenue Department (IRD) had previously stated that it is mandatory for persons at the age of 18 or more, or who turn 18 years on or after 01 January 2024, to register and obtain a TIN.

It also states that those who exceeds the annual tax exemption limit should also register for the income tax. 

Those who not register in this manner will be subjected to a penalty not exceeding Rs. 50,000, the IRD notice states.

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Govt. instructs to facilitate Bora Conference

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Secretary to the President Dr Nandika Sanath Kumanayake has instructed relevant officials to provide the maximum support necessary to successfully hold the Global Bora Community’s Spiritual Assembly and Convention scheduled to take place in Sri Lanka.

The Secretary to the President issued these instructions during discussions held today (12) at the Presidential Secretariat regarding the Global Bora Conference and Convention.

The Bora Conference and Convention will be held from 27 June to 05 July, coinciding with the Bora Community’s Spiritual Assembly, centred on the Bambalapitiya Bora Mosque and the Sri Lanka Exhibition and Convention Centre, with the participation of the community’s Spiritual Leader His Holiness Dr Syedna Mufaddal Saifuddin Sahib.

Approximately fifteen thousand members of the Bora Community from India and numerous other countries are expected to arrive in Sri Lanka for this Convention and Conference. Extensive discussions were held regarding the provision of all infrastructure facilities, including airport arrangements, for them.

A group of the Bora Community’s religious leaders, along with officials including the Secretary to the Foreign Ministry, Aruni Ranaraja and Senior Additional Secretary to the President Roshan Gamage, participated in this occasion.

(President’s Media Division)

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CBSL advises banks to further assist affected SMEs

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The Central Bank of Sri Lanka (CBSL), with a view to facilitating sustainable revival of businesses that were adversely affected during the recent past has advised the licensed commercial banks and licensed specialised banks (hereinafter referred to as licensed banks) to provide further concessions to those SME borrowers who commenced discussions for business revival with the respective banks by 31.03.2025. 

These relief measures are in line with Circular No. 04 of 2024 dated 19.12.2024 on Relief Measures to Assist the affected SMEs and the Addendum Circular No. 01 of 2025 dated 01.01.2025.

Accordingly, licensed banks have been advised to provide further concessions including interest reliefs and new lending to affected borrowers while the timeline given to the licensed banks in Circular No. 04 of 2024 to enter into reschedulement agreements with eligible SME borrowers has been extended from 15.06.2025 to 30.06.2025.

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Student killed & 16 Injured after tree branch falls on school building

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A tragic incident occurred in the Balangoda area this afternoon (June 12), where 

A large tree branch had fallen on a school building in Balangoda today (June 12) afternoon, resulting in the death of a student and causing injuries to 16 others.

According to Balangoda Police, the deceased was a 17-year-old student. 

The injured have been hospitalised for treatment.

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