By: Staff Writer
October 24, Colombo (LNW): Sri Lanka’s tax landscape is undergoing a significant transformation with the introduction of the Tax Identification Number (TIN) and accompanying policy changes, said a senior official of the Inland Revenue Department,.
“Earlier, it had different categories of tax numbers, and they were subject to changes with time. For example, there was region-based tax number issuance; sometimes, tax numbers were issued based on the trade in which people were involved.
With the introduction of the TIN, a streamlined system came into place. TIN will lead us towards digitalisation and automation of tax processes to improve efficiency and transparency. Most importantly, the TIN broadens the tax base and improves tax administration with the introduction of RAMIS,” he said.
He elucidated that obtaining a TIN doesn’t automatically translate to tax obligations. “For income tax, only those earning above Rs. 1.2 million annually fall under the radar.
The Sri Lanka Taxpayer Identification Number (TIN) is issued by the Inland Revenue Department (IRD) to register businesses and individuals as taxpayers. It helps the IRD track taxpayers and streamline tax compliance. To obtain a TIN for your business, follow these steps outlined by the department.
The deadline to file personal income tax returns for the Year of Assessment 2023/24 is fast approaching on 30 November 2024, causing many to rush to assess their tax obligations. Having a TIN is essential for paying taxes, importing/exporting, or obtaining services from the IRD. Once you have a TIN, you must register for applicable tax types and other services depending on your requirements.
While the deadline for self-assessed tax payments for the Year of Assessment 2023/24 has already passed, it’s widely acknowledged that many individuals work best under pressure, after the deadline has passed.
It’s also important to note that under Section 113 (1B) of the Inland Revenue Act No. 24 of 2017 and its amendments, individuals must file their tax returns online via the IRD’s e-services portal starting from the Year of Assessment 2023/24. Manual submissions will no longer be accepted, though the Commissioner General of Inland Revenue (CGIR) may allow manual filing under “just and equitable” circumstances. However, this permission is discretionary and not guaranteed.
Starting 1 January 2024, all individuals over the age of 18 must obtain a TIN. This can be done either manually or online through RAMIS, the IRD’s electronic tax services portal, by completing the specified form and submitting supporting documents like a copy of your NIC and a utility bill or rent agreement to verify your residential address if it differs from the one on your NIC.
Sri Lanka’s tax landscape is undergoing a significant transformation with the introduction of the Tax Identification Number (TIN) and accompanying policy changes, said a senior official of the Inland Revenue Department.
“Earlier,it had different categories of tax numbers, and they were subject to changes with time. For example, there was region-based tax number issuance; sometimes, tax numbers were issued based on the trade in which people were involved.
With the introduction of the TIN, a streamlined system came into place. TIN will lead us towards digitalisation and automation of tax processes to improve efficiency and transparency.
Most importantly, the TIN broadens the tax base and improves tax administration with the introduction of RAMIS,” he said.
He elucidated that obtaining a TIN doesn’t automatically translate to tax obligations. “For income tax, only those earning above Rs. 1.2 million annually fall under the radar.
The Sri Lanka Taxpayer Identification Number (TIN) is issued by the Inland Revenue Department (IRD) to register businesses and individuals as taxpayers.
It helps the IRD track taxpayers and streamline tax compliance. To obtain a TIN for your business, follow these steps outlined by the department.
The deadline to file personal income tax returns for the Year of Assessment 2023/24 is fast approaching on 30 November 2024, causing many to rush to assess their tax obligations.
Having a TIN is essential for paying taxes, importing/exporting, or obtaining services from the IRD. Once you have a TIN, you must register for applicable tax types and other services depending on your requirements.
While the deadline for self-assessed tax payments for the Year of Assessment 2023/24 has already passed, it’s widely acknowledged that many individuals work best under pressure, after the deadline has passed.
It’s also important to note that under Section 113 (1B) of the Inland Revenue Act No. 24 of 2017 and its amendments, individuals must file their tax returns online via the IRD’s e-services portal starting from the Year of Assessment 2023/24.
Manual submissions will no longer be accepted, though the Commissioner General of Inland Revenue (CGIR) may allow manual filing under “just and equitable” circumstances. However, this permission is discretionary and not guaranteed.
Starting 1 January 2024, all individuals over the age of 18 must obtain a TIN.
This can be done either manually or online through RAMIS, the IRD’s electronic tax services portal, by completing the specified form and submitting supporting documents like a copy of your NIC and a utility bill or rent agreement to verify your residential address if it differs from the one on your NIC.
