The Inland Revenue Department (IRD) has reported a 160% increase in the number of individuals required to pay taxes for the 2023/2024 assessment year. A total of 868,009 people must now submit income reports, a significant rise from 333,313 in the previous year.
The IRD attributes this growth to recent amendments to the Inland Revenue Act, which expanded registration efforts targeting business owners, professionals, and asset holders. Many new taxpayers have been registered with Taxpayer Identification Numbers (TIN).
Individuals earning over Rs. 100,000 per month or Rs. 1.2 million annually must submit their income declarations online, with assistance available at IRD offices for those in need.
