Deadline for mandatory TIN registration extended till April 1

The Finance Ministry has extended the deadline for the registration of all citizens over the age of 18 to obtain the taxpayer identification number (TIN) to April 1, 2024 from the earlier date of February 1, State Minister of Finance Ranjith Siyambalapitiya said.

This decision has been taken due to some technical issues and practical problems which had arisen during the registration process of TIN involving a large number of persons over the age of 18 years, he disclosed.    

The other reason was staff shortage and necessary resources at the Inland Revenue Department (IRD to carry out this task requiring massive manpower, he added.

Up to now over 2 million persons have been registered while 1 million individuals registered with the IRD and 25,000 people register daily for the TIN, a senior official of the department divulged.

He noted that the IRD has received a large number of complaints relating the time given for them to obtain TIN is insufficient along with online registration system errors in the department web site.

Moreover each and every person who obtained TIN will not have to pay tax if their annual income is lower than Rs. 1.2 million annually, he clarified adding that TIN is very much similar to the national identity card number (NIC).

With the introduction of TIN registration and apparent amendments to the IRD Act, the tax revenue collection could be made more efficient, he opined.

According to the Presidential Media Division announcement a significant change in income tax regulations is set to begin on February 1, 2024 making mandatory income tax registration for everyone above the age of 18.

Even if you don't fall into the taxable income bracket, obtaining a tax registration number is crucial for various everyday transactions, including opening a current bank account, applying for building plan approval, registering a motor vehicle, renewing licenses, establishing ownership of land etc, an IRD official explained.(Bandula)