The tax net widens. Registration is mandatory for all over 18.

A gazette notification has been issued making it mandatory for those engaged in several fields such as doctors, engineers, lawyers, accountants, banks, and architects to register with the Inland Revenue Department from today (01).

President Ranil Wickremesinghe as the Minister of Finance and Economic Stabilization has issued this gazette announcement. According to the gazette announcement, the following persons must register with the Inland Revenue Commissioner

Doctors registered with the Sri Lanka Medical Council
Registered members of the Institute of Chartered Accountants of Sri Lanka
Members of the Institute of Certified Management Accountants of Sri Lanka
Members of the Sri Lanka Institute of Engineering
Members of the Sri Lanka Bankers Association
Members of the Sri Lanka Association of Architects
Members of the Institute of Quantity Surveyors of Sri Lanka
Supreme Court Advocates
Persons who have registered businesses under the Divisional Secretary
Persons whose vehicles are registered with the Department of Motor Vehicles (except three-wheelers, motorcycles, and hand tractors)
Persons who have purchased or acquired immovable property in Sri Lanka and exchanged a deed
Monthly from both sides of the employee’s Rs. Employees whose contribution amount above 20,000 is entitled to any gratuity fund
Anyone who has received building planning approval from the local authority
In Sri Lanka monthly Rs. 100,000 or Rs. Is anyone else receiving a payment of 1,200,000

Meanwhile, all those who have completed 18 years of age on December 31, 2023, or will reach the age of 18 on or after January 01, 2024, will also be subject to this new provision.

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