October 19, Colombo (LNW) The implementation of the Taxpayer Identification Number (TIN) and Individual Registration Programme for Income Tax has resulted in a substantial increase in income tax registration files for the 2023/2024 tax year, as compared to the previous year. Inland Revenue Commissioner General Sepalika Chandrasekara announced that the number of income tax reports submitted for the 2022/2023 assessment year was 333,313, but this figure has surged by 868,009 during 2023/2024.
The expansion of income tax registration has targeted various groups, with increased focus on businessmen, professionals, and individuals who own assets. Those registered are required to submit their income reports through the online system. Payment slips have also been mailed to taxpayers for use if any payment is due.
Chandrasekara noted that individuals who are registered for income tax but do not have sufficient income or profits due to reasons like business closures or lack of income sources can request deactivation of their registration. This process requires submission of supporting documents to the nearest inland revenue office.
As per the tax regulations, individuals earning more than Rs. 100,000 per month or Rs. 1.2 million annually are required to pay income tax.
