News

TIN not mandatory for duel citizens

Published

1 year ago

January 15, 2024

editor

It is not mandatory for Sri Lankans studying abroad and dual citizens to obtain a Tax Identification Number (TIN), said the Deputy Commissioner General of the Inland Revenue Department – Mr. B.K. Saman Shantha.
He said this during a press conference held at the Department of Government Information.

However, he said that if a person in a foreign country earns any income from Sri Lanka (bank account interest income, rental income or any other form of income) that exceeds the annual tax exemption limit of Rs. 1.2 million, they should definitely get the TIN number.

He said that the public is keen to obtain the TIN and the IRD is going to network computers with the Department of Motor Traffic to get information related to vehicle registration.

Noting that IRD computer systems have also been networked with those at Sri Lanka Customs, Mr. Saman Shantha said that this gives the IRD access to all details related to imports and exports.

Linking with all state institutions will help authorities to identify tax evaders, he added.

News

Seat belt compulsory for bus drivers from today

Published

21 minutes ago

July 1, 2025

editor

The National Transport Commission (NTC) has announced that starting today (July 01), it will be mandatory for all bus drivers to wear seat belts, with strict penalties for non-compliance.

Under the MotorTraffic Act, bus drivers are legally required to wear seat belts, but a rise in accidents due to drivers ignoring this rule has prompted the authorities to re-enforce it.

Police confirmed that action will be taken against drivers who fail to comply.

Seat belts to be made mandatory for all passengers in expressways

Meanwhile, the Ministry of Transport has also stated that wearing seat belts will be made mandatory to all passengers of light vehicles travelling on expressways from August 01, 2025.

Meanwhile, wearing seat belts will also be mandatory to all passengers of all vehicles on expressways from September 01, 2025.

Minister of Transport, Highways, Ports, and Civil Aviation Bimal Rathnayake also confirmed the directive while speaking to media this morning (July 01) during an inspection tour at the Colombo Central Bus Stand.

BIZ

End of parate relief for large SMEs

Published

30 minutes ago

July 1, 2025

editor

The grace period granted to small and medium-sized enterprises (SMEs) under Sri Lanka’s Parate Execution Law officially ended midnight yesterday (June 30) for businesses with loans exceeding Rs. 50 million.

The Parate Law grants banks the authority to seize properties pledged as collateral without court proceedings. Although its implementation had been suspended for three months by the current administration—and for six months earlier under former President Ranil Wickremesinghe—it has now been reinstated, triggering serious concern among entrepreneurs.

Deputy Minister of Economic Development – Dr. Anil Jayantha Fernando has stated that the government intends to hold discussions with all relevant parties in the coming days to address the issues linked to the law’s reimplementation.

Meanwhile, Opposition Leader – Sajith Premadasa has warned that the re-implementation of the Parate Execution Law could lead to the rapid auctioning of assets from small, medium, and micro businesses, putting them at risk.

In a statement yesterday (June 30), he emphasized that these businesses contribute over 50% to Sri Lanka’s Gross Domestic Production (GDP) and employ over 04 million people.

News

Ex-SriLankan Airlines chief produced before court

Published

41 minutes ago

July 1, 2025

editor

Former Chairman of SriLankan Airlines – Nishantha Wickramasinghe has been produced before the Colombo Magistrate’s Court by prison officials today (July 01).

Wickramasinghe was arrested last week by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) and is currently in remand custody,