The Department of Inland Revenue in Sri Lanka has issued a statement mandating that individuals with an annual income exceeding Rs. 1,200,000 are required to pay income tax. The department clarified that this includes individuals who are business owners, earn income from rental or interest-related investments, or receive employment income that exceeds the specified annual income.
It is the responsibility of the respective individual to file for income tax, according to the statement released by the Inland Revenue Department. The department has also urged the public to ensure that their income tax payments are settled accurately and on time.
The announcement has come as a reminder to taxpayers to declare their income and pay taxes accordingly. The department has emphasized that failure to comply with the regulations will result in penalties and legal action.
The Inland Revenue Department has also made it clear that tax evasion is a serious offense and that all necessary measures will be taken to ensure compliance with the regulations. The department is currently working to strengthen its tax collection system and ensure that taxpayers meet their obligations.
The move is part of the government’s efforts to increase revenue and improve the country’s economy. The Sri Lankan government has been implementing several initiatives to promote tax compliance and reduce tax evasion.
The Inland Revenue Department has assured the public that it will provide assistance and guidance to taxpayers to ensure that they meet their tax obligations. The department has also urged the public to contact their nearest tax office or visit their website for more information on income tax regulations and procedures.
