In a recent announcement (02.01.2024) from the Presidential Media Division, a significant change in income tax regulations is set to kick in on February 1, 2024. This update is crucial for citizens to be aware of as it introduces mandatory income tax registration for everyone above the age of 18.
It's important to note that registration does not mean you have to pay taxes. According to the announcement, only individuals earning more than Rs. 100,000 per month will be subject to income tax payments.
However, having a tax registration number will become essential for many daily and legal activities, even if you're not liable to pay taxes. This includes:
The process to obtain a Taxpayer Identification Number (TIN) has been simplified to ensure ease of access for everyone.
At Tax Master, we encourage all citizens to take this regulation seriously and register early to avoid any future inconvenience. This move is part of a broader initiative to enhance transparency and efficiency in Sri Lanka's taxation system.
Stay informed. Stay compliant. For guidance on registration or income tax matters, feel free to reach out to Tax Master — your trusted partner in tax solutions.