The Ministry of Finance has taken measures to simplify the newly introduced Taxpayer Identification Number (TIN).
State Minister of Finance Ranjith Siyambalapitiya said steps are being taken to convert an individual’s National Identity Card (NIC) number into the particular person’s Taxpayer Identification Number.
Earlier this month, the State Minister announced that preparations are underway to commence the implementation of the Tax Identification Number from February 01, 2024.
The government has clarified that a Tax Identification Number does not automatically make someone liable for income tax.
The obligation arises only when income exceeds the annual tax exemption limit of Rs. 1.2 million for those above 18, it added.
The government further said that submitting the TIN is mandatory when opening a current account, requesting building plan approval, registering a motor vehicle, renewing a license, and registering title to land from 01st February. (NewsWire)
