Citizens could face fines of up to Rs. 50,000 for failing to register for tax

Citizens who have not obtained a Taxpayer Identification Number (TIN) will be subjected to a penalty not exceeding Rs. 50,000, the Department of Inland Revenue warned.

With Sri Lanka’s new tax regulations in place from January 1, 2024, it is mandatory for citizens aged 18 and above, to register and obtain a TIN. According to the new regulations any persons receiving an income exceeding Rs. 1,200,000 for a year of assessment (from April 1 of a year to March 31 of the following year) must register for income tax.

Citizens can visit the Inland Revenue Department website at www.ird.gov.lk to register themselves, request registration by post, or register in person at the IRD.