The Department of Inland Revenue has announced that, effective today (01), the submission of a Taxpayer Identification Number (TIN) has been made mandatory for several specific purposes. Accordingly, the Department of Inland Revenue has stated that a Taxpayer Identification Number (TIN) must be provided when opening an account at a bank or financial institution, obtaining approval for a building plan, registering a motor vehicle, or renewing a vehicle license.
Furthermore, the Department has indicated that providing a valid TIN is mandatory when registering land or the ownership of land, registering a business, transferring shares in a company incorporated in Sri Lanka, or obtaining a credit card.
The Department has also announced that individuals who have not yet obtained a TIN can register for one through the Department of Inland Revenue’s e-services portal. Additionally, the portal provides an option to verify whether an existing TIN is valid.
While it is mandatory for all individuals over the age of 18 to obtain a TIN, the Department of Inland Revenue clarifies that reports suggesting all such individuals are required to pay taxes are incorrect. The Department of Inland Revenue states that nearly 13 million citizens, who have reached the age of 18, have now obtained a Tax Identification Number (TIN).