IRD directs all banks, other state agencies to update them on regular transactions
A special gazette has been issued informing all banks, financial institutions and various government institutions that they 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 Finance, Economic Stabilization, and National Policy Minister has directed that regular information be provided to the Commissioner General of Inland Revenue (CGIR).
According to the extraordinary gazette notification, the Registrar General’s Department, Department of the Registrar of Companies, Motor Traffic Department and officials of any government agency responsible for awarding contracts for the supply of goods, services, or consultancy and non-consultancy services must provide information to the Inland Revenue Department.
In the future, this information should be provided to the Inland Revenue Commissioner General through an web-based platform or another electronic platform approved by the CGIR. The gazette notice also mentions that further details about this will be announced later. The gazette announcement states that 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 must also provide such information.
The department advices contacting the Inland Revenue Department’s call center at 1944.
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