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.
Latest Headlines in Sri Lanka
- Sri Lanka’s security chiefs instructed to ensure safety during Presidential Election July 26, 2024
- Sri Lankan Prime Minister says President cannot appoint acting IGP July 26, 2024
- Bonds placed for Ranil Wickremesinghe to contest Sri Lanka’s Presidential Election July 26, 2024
- Sri Lanka announces 2024 Presidential Election date July 26, 2024
- 22% of Sri Lankan households in debt; 14.2% job losses from economic crisis July 25, 2024
