Thursday Feb 19, 2026
Thursday Feb 19, 2026
Wednesday, 11 February 2026 00:20 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers on Monday approved the publication and gazetting of amendments to the Inland Revenue Act No. 24 of 2017, the Financial Transactions Reporting (Amendment) Bill and the Prevention of Money Laundering (Amendment) Bill, ahead of submitting all three to Parliament for approval.
The revised draft Bill, prepared by the Legal Draftsman, incorporates a series of tax revisions approved by the Cabinet at its meeting on 19 May 2025, aimed at strengthening the tax structure and improving State revenue mobilisation as part of efforts to restore fiscal integrity.
Cabinet also approved the publication and gazetting of the revised Financial Transactions Reporting (Amendment) Bill and the Prevention of Money Laundering (Amendment) Bill, prior to tabling them in Parliament.
The amendments to the Financial Transactions Reporting Act and the Prevention of Money Laundering Act were approved by the Cabinet on 26 May 2025 and subsequently incorporated into revised draft Bills by the Legal Draftsman.
The proposals to proceed with the amended legislation were submitted by Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning and Economic Development, and were approved by the Cabinet of Ministers.
Once gazetted, all three pieces of legislation will be presented to Parliament for approval, forming part of the Government’s broader legislative agenda to strengthen revenue administration, enhance financial transparency and reinforce Sri Lanka’s anti-money laundering and counter-terrorist financing framework.
