Mandatory Opening of Tax Files Comes into Effect in February
1 mins read
1 mins read
From February 01st, it has been made mandatory to present the Tax Identification Number (TIN) when opening a mobile bank account, registering a vehicle, renewing a vehicle revenue license, and in several other instances.
Meanwhile, the government also emphasizes that merely obtaining a Tax Identification Number (TIN) does not make a person liable to pay taxes.
The government states that only individuals over 18 years of age earning an income exceeding the annual tax-exempt limit of 1.2 million rupees will be responsible for paying taxes.
Written by
Nipuna Marasinghe
