Delivering the budget speech, President Ranil Wickremesinghe announced that the Tax Identification Number (TIN) will now be a mandatory requirement for several key transactions. The decision aims to strengthen accountability and streamline various processes across different sectors. The mandatory requirement will apply to the following transactions:

(a) Opening Bank Current Account: Individuals seeking to open a bank current account at any bank in Sri Lanka will now be required to provide their Tax Identification Number as part of the account-opening process. This measure is designed to facilitate better monitoring of financial transactions and ensure that individuals are tax-compliant.

(b) Obtaining Building Plan Approval: Applicants seeking approval for a building plan will now need to include their Tax Identification Number in the application. This requirement is expected to enhance the oversight of construction projects and align with broader efforts to regulate urban development.

(c) Registering a Motor Vehicle or Renewing License: Owners looking to register a new motor vehicle or renew an existing license will be mandated to provide their Tax Identification Number. This initiative is aimed at creating a more comprehensive database of vehicle ownership and ensuring compliance with tax regulations.

(d) Registering Land or Title Transfer: Individuals involved in the purchase of land or the transfer of land titles will now need to furnish their Tax Identification Number during the registration process. This requirement seeks to bring greater transparency to land transactions and facilitate effective tax administration.

The government's decision to make the Tax Identification Number mandatory for these transactions reflects a broader commitment to bolstering financial integrity and regulatory oversight. It is anticipated that this measure will contribute to the prevention of tax evasion, streamline administrative processes, and foster a more accountable and transparent business environment.