Govt postpones mandatory tax file openings to Feb 2024
Colombo (LNW): The Sri Lankan government has decided to defer the compulsory initiation of tax file openings from January 1st to February 1st, providing citizens with an extended timeframe to comply with the new requirement, Finance State Minister Ranjith Siyambalapitiya disclosed.
He explained that individuals can easily register through the online system on the Inland Revenue Department (IRD) website.
The process only requires a National Identification Card for account creation, he emphasised.
Siyambalapitiya clarified the mandatory registration with the department, adding that tax payments are applicable only if an individual’s monthly income exceeds Rs. 100,000.
In alignment with Budget 2024, the Tax Identification Number will become obligatory for various transactions, including opening a bank current account, obtaining approval for a building plan, registering or renewing a motor vehicle license, and registering a land or title transfer.
This move aims to streamline financial processes and enhance tax compliance within the country.