The Inland Revenue Department has announced that presenting a valid Taxpayer Identification Number (TIN) will be mandatory from tomorrow (01) when carrying out several specified transactions.
Accordingly, the Department stated that a TIN must be submitted when opening a bank or financial institution account, obtaining approval for a building plan, registering a motor vehicle, and renewing a motor vehicle licence.
Furthermore, the Department highlighted that presenting a valid TIN is also compulsory when registering land or land ownership, registering a business, transferring shares of a company incorporated in Sri Lanka, and obtaining a credit card.
The Inland Revenue Department further noted that the relevant officers must verify the validity of the TIN before carrying out the respective transactions.
The Department has informed the public that individuals who have not yet obtained a TIN can register for one through the Inland Revenue Department’s e-Services portal.
Additionally, facilities have been provided through the Department’s e-Services portal to verify the validity of an existing TIN.
The Commissioner General of Inland Revenue has notified that, once verification is successful, the TIN will be displayed on the screen. A printed copy clearly displaying the individual’s National Identity Card (NIC) number and TIN will be accepted in lieu of an official TIN certificate for the specified transactions.
Meanwhile, the Inland Revenue Department has clarified that although obtaining a Taxpayer Identification Number (TIN) is mandatory for all individuals above the age of 18, reports circulating that everyone is required to pay taxes are false.
The Department further clarified that individuals are liable to pay income tax only if their annual income exceeds Rs. 1.8 million.
Furthermore, sources at the Inland Revenue Department stated that nearly 13 million Sri Lankan citizens above the age of 18 have obtained a TIN to date.
