The Department of Inland Revenue has issued a stern notice, effective January 1, stating that individuals failing to obtain a Taxpayer Identification Number (TIN) will face penalties, with a maximum limit of Rs. 50,000.
Emphasizing the mandatory nature of TIN registration for individuals aged 18 or older, the Inland Revenue Department (IRD) clarified that this requirement applies to those who reach 18 years on or after January 1.
Additionally, individuals earning an income exceeding Rs. 1,200,000 in a year of assessment (from April 1 to March 31 of the following year) are obligated to register for income tax. The public can register online at www.ird.gov.lk, opt for postal registration, or visit the IRD in person.
