November 01, Colombo (LNW): The Inland Revenue Department (IRD) has introduced a requirement for individuals to provide a valid Taxpayer Identification Number (TIN) when completing a range of important financial, legal and administrative transactions, effective from today (01).
Under the new arrangement, members of the public will be required to submit their TIN when opening accounts at banks and other financial institutions, seeking approval for building plans, registering motor vehicles or renewing vehicle licences.
The requirement also extends to several other services, including the registration of land and property ownership, business registration, the transfer of shares in companies incorporated in Sri Lanka, and applications for credit cards.
Officials responsible for processing these transactions have been instructed to check the validity of each applicant’s TIN before proceeding with the relevant service.
Those who have not yet registered for a TIN can complete the process through the IRD’s online e-Services platform. The same portal also allows existing TIN holders to confirm whether their registration details remain valid.
According to the Commissioner General of Inland Revenue, individuals who successfully complete the online verification process will be able to view their TIN directly on the screen. A printed document containing both the applicant’s National Identity Card (NIC) number and corresponding TIN will also be recognised as an acceptable alternative to the official TIN certificate when dealing with the specified institutions.
Meanwhile, the Department has moved to address public concerns surrounding the new requirement, stressing that compulsory TIN registration should not be confused with an obligation to pay income tax.
Although every individual aged 18 and above is required to obtain a TIN, the IRD has clarified that this does not mean all registered individuals are automatically liable for taxation. Income tax becomes payable only when a person’s annual earnings exceed Rs. 1.8 million.
Department sources have also revealed that approximately 13 million Sri Lankan adults have already secured their TINs, reflecting the growing uptake of the registration process ahead of the implementation of the latest requirements.
