The Ministry of Finance has clarified that individuals can open new bank accounts and renew motor vehicle revenue licences even without a Taxpayer Identification Number (TIN) certificate, under special arrangements introduced to prevent delays in accessing these services.
In a public notice issued jointly with the Inland Revenue Department and the Registrar of Motor Vehicles, the Ministry said individuals who already have a TIN but do not possess the certificate can provide their TIN number to the relevant institution.
Those who have not yet obtained a TIN can also access these services by submitting their National Identity Card (NIC) number, name, address, telephone number and email address.
The notice further clarified that the relevant institutions will make arrangements to issue a TIN number or facilitate its registration using the information provided by applicants.
The Ministry emphasised that services should not be delayed or refused solely because an individual is unable to produce a TIN certificate.
Meanwhile, the Ministry announced that a TIN certificate is mandatory for eight specified transactions from November 1, subject to the special arrangements for bank account openings and vehicle revenue licence renewals.
The eight transactions are:
- Opening a new bank or financial institution account.
- Renewing a motor vehicle revenue licence.
- Obtaining a credit card.
- Obtaining approval for a building plan.
- Registering a motor vehicle.
- Registering land or land ownership.
- Registering a business.
- Transferring shares in a company.
The Ministry said TIN certificates must be submitted for the remaining six transactions.
It further clarified that both printed and electronic copies of TIN certificates are valid, as the certificates are system-generated. Official signatures, embossed seals, stamps or certification as a true copy are not required.
The Ministry also stressed that although all resident individuals aged 18 and above are legally required to obtain a TIN, possessing one does not automatically make them liable to pay income tax.
It said income tax liability arises only when an individual’s annual income exceeds the prescribed threshold of Rs. 1.8 million.
Meanwhile, individuals who do not immediately require a TIN have been advised to postpone registration until congestion at the department and its online system eases. (Newswire)
