The Ministry of Finance has issued a clarification that possessing a Tax Identification Number (TIN) does not automatically make one liable to pay income tax.
Issuing a press release, the Ministry stressed that only individuals who are 18 and above whose income surpasses the annual tax exemption limit of Rs. 1.2 million are obligated to pay income tax.
Nevertheless, it added that it is mandatory for anyone over 18 years of age to register with the Department of Inland Revenue with effect from January 1, 2024 and obtain a TIN. The guidelines to this effect have already been issued by the Department of Inland Revenue and can be accessed at www.eservices.ird.gov.lk it added.
The Ministry further clarified that with effect from February 1, it will be mandatory to submit one's TIN when obtaining certain services. Accordingly, a person's TIN would need to be produced when opening a current account, seeking a building plan approval, registering a motor vehicle or renewing a vehicle license, and when registering title deeds to a land.
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