The Inland Revenue Department has announced that a valid Taxpayer Identification Number (TIN) must be presented for a number of specified transactions starting tomorrow (01).
A TIN will be required when opening an account with a bank or financial institution, obtaining approval for a building plan, registering a motor vehicle and renewing a motor vehicle licence. It will also be compulsory for registering land or land ownership, registering a business, transferring shares of a company incorporated in Sri Lanka and obtaining a credit card. Officers handling these transactions must first confirm that the TIN is valid.
People who do not yet have a TIN can register for one through the Department’s e-Services portal, which also allows existing numbers to be verified. The Commissioner General of Inland Revenue said the TIN will appear on screen once verification is successful, and a printed copy showing the person’s National Identity Card (NIC) number and TIN will be accepted in place of an official TIN certificate for these transactions.
The Department also clarified that while every individual above 18 must obtain a TIN, claims that everyone has to pay tax are false. Income tax is payable only by those whose annual income exceeds Rs. 1.8 million.
According to Department sources, nearly 13 million Sri Lankans above the age of 18 have obtained a TIN so far.
