From February 1st, submission of a tax identification number has been made mandatory when opening a current account in a bank, requesting approval for building plans, registering a vehicle, renewing a traffic revenue license and registering land ownership. Sri Lanka Latest News
Meanwhile, Minister of State Shehan Semasinghe says that just because a tax identification number is obtained, one is not obligated to pay taxes.
He mentioned that only persons above 18 years of age who earn more than 12 lakh rupees, which is the annual tax exemption limit, are liable to pay tax.
“It is mandatory to register yourself. Also, if his annual income exceeds 12 lakhs, he or she or that organization is recognized as having to pay tax. Registration of all over 18 years is spreading a wrong opinion by a certain group. That everyone is subject to paying taxes. Self-registration is mandatory. If he exceeds the limit of 12 lakhs annually, he will be converted into a taxpayer.”
