Persons with no TIN could face penalty up-to Rs. 50,000

Colombo, Jan 02 (Daily Mirror) - With effect from 1 January, persons who have not obtained a Taxpayer Identification Number (TIN) will be subjected to a penalty not exceeding Rs. 50,000, the Department of Inland Revenue cautioned.

With effect from 1 January, persons who have not obtained a Taxpayer Identification Number (TIN) will be subjected to a penalty not exceeding Rs. 50,000, the Department of Inland Revenue cautioned.

In a notice to the public, the Inland Revenue Department (IRD) reiterated it is mandatory for persons at the age of 18 or more, or who turn 18 years on or after 1 January, to register and obtain a TIN.

Further, any persons receiving an income exceeding Rs. 1,200,000 for a year of assessment (from 1 April of a year to 31 March of the following year) must register for income tax.

The general public has the option of registering online at www.ird.gov.lk, requesting registration by post, or registering in person at the IRD.