The Inland Revenue Department (IRD) has announced that presenting a valid Taxpayer Identification Number (TIN) will be mandatory from today (November 1) when carrying out several specified transactions.
Accordingly, individuals will be required to provide a valid TIN when opening bank or financial institution accounts, obtaining approval for building plans, registering motor vehicles and renewing vehicle licences.
The requirement will also apply to the registration of land or land ownership, business registration, the transfer of shares in companies incorporated in Sri Lanka, and obtaining credit cards.
The Department stated that relevant officials must verify the validity of the TIN before proceeding with the respective transactions.
Individuals who have not yet obtained a TIN can register through the Inland Revenue Department's e-Services portal. The portal also provides facilities to verify the validity of existing TINs.
According to the Commissioner General of Inland Revenue, once verification is successful, the TIN will be displayed on the screen. A printed copy clearly showing the individual's National Identity Card (NIC) number and TIN will be accepted as an alternative to the official TIN certificate for the specified transactions.
Meanwhile, the Department has clarified that although obtaining a TIN is mandatory for all individuals aged 18 and above, reports claiming that everyone is required to pay taxes are false.
The IRD further emphasized that individuals are liable to pay income tax only if their annual income exceeds Rs. 1.8 million.
