News
Tax net widens to rope in professionals
The Inland Revenue Department (IRD) has released details of professional bodies of doctors, accountants, engineers, bankers and others and instructed them to open tax files if they do not already have files, following a gazette notification that came into effect this month.
These are members the IRD has classified as “resident individuals”.
Professional practitioners registered with the Sri Lanka Medical Council, and members of the Institute of Chartered Accountants of Sri Lanka, the Institute of Certified Management Accountants of Sri Lanka, the Institution of Engineers Sri Lanka, the Association of Professional Bankers, the Sri Lanka Institute of Architects, the Institute of Quantity Surveyors and Attorneys-at Laws of the Supreme Court of Sri Lanka are required to obtain a Taxpayer Identification Number (TIN), an IRD notice said.
The notice was published in keeping with a May 31 gazette issued under Section102(3) of the Inland Revenue Act that declared any individual who receives payment of Rs. 100,000 a month or Rs. 1.2 million for providing any services for a year in Sri Lanka are legally mandated to open tax files. In addition to members of professional bodies, those who have registered their businesses in Divisional Secretariats and those who have vehicles (except three-wheelers, motor bicycles and hand tractors) registered with the Department of Motor Traffic also need to obtain a TIN.
Those who have purchased or acquired any immovable property in Sri Lanka on or after April 1, 2018 and employees whose monthly contribution from both employee and employer to any Provident Fund is more than Rs. 20,000 are also included in the new taxpayers’ category, according to the notice. Individuals who obtain approval for a building plan from a Local Authority must also get a TIN to pay taxes.
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