The requirement to produce a valid Taxpayer Identification Number (TIN) when carrying out eight specified transactions will come into effect from tomorrow (01), the Inland Revenue Department has announced.
Under the new requirement, individuals will have to provide their TIN when opening accounts at banks or financial institutions, obtaining building plan approvals, registering motor vehicles and renewing vehicle licences.
The requirement will also apply to land registration and ownership transfers, business registration, transfers of shares in companies incorporated in Sri Lanka and applications for credit cards.
The Department has instructed the relevant officials to verify the validity of the TIN before proceeding with these transactions.
Individuals who have not yet registered for a TIN can do so through the Inland Revenue Department's e-Services portal. The same platform also provides facilities to verify existing TINs.
According to the Commissioner General of Inland Revenue, individuals whose verification is successful will be able to view their TIN on the portal. A printed copy of the verification result displaying both the individual's National Identity Card (NIC) number and TIN will be accepted instead of the official TIN certificate when completing the specified transactions.
Meanwhile, the Inland Revenue Department has dismissed reports suggesting that everyone who obtains a TIN is required to pay income tax.
The Department clarified that although obtaining a TIN is compulsory for individuals above the age of 18, income tax is payable only by those whose annual income exceeds Rs. 1.8 million.
Meanwhile, sources at the Department revealed that approximately 13 million Sri Lankan citizens aged above 18 have obtained TINs so far.
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