State Minister of Finance Ranjith Siyamabalapitiya has clarified that while there is a legal provision indicating a Rs. 50,000 fine for non-compliance with Tax Identification Number (TIN) requirements, this provision has not been enforced.
Speaking to the media on Wednesday morning (03 Jan.), Siyambalapitiya explained that the decision to make TIN compulsory for individuals over the age of 18 aims to boost state income for the country’s future.
The State Minister asserted, however, that such measures are not intended to impose an extra burden on the populace.
“Although it is mandatory to open a tax file and obtain a TIN, this does not imply that all those who have registered for a TIN have to pay tax. Currently, only those people who earn a total monthly income of over Rs. 100,000 have to pay tax”, he said in this regard.
