Sri Lanka’s Finance Ministry says TIN doesn’t automatically make someone liable for income tax
Posted by Editor on January 3, 2024 - 8:53 am
Sri Lanka’s Finance Ministry Tuesday (January 02) said that a Tax Identification Number (TIN) doesn’t automatically make someone liable for income tax.
The Ministry said that the obligation arises only when income exceeds the annual tax exemption limit of Rs. 1.2 million for those above 18 years of age.
However, submitting the TIN is mandatory when opening a current account, requesting building plan approval, registering a motor vehicle, renewing a licence and registering title to land from February 01, 2024.
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