Sri Lanka's 🇱🇰 IRD mandated TIN registration for all citizens 18 and older from Jan 1, 2024, regardless of income. The gov's plan is to

Sri Lanka's 🇱🇰 IRD mandated TIN registration for all citizens 18 and older from Jan 1, 2024, regardless of income. The gov's plan is to mandate a TIN number for daily transactions like opening bank accounts, vehicle registration, and property ownership.

⭕ The IRD database now has 2.3M TIN numbers, with 1.3M issued in June alone. They aim to reach 7.3M registrations by the end of July.

⭕ They are now using this TIN database to send tax payment reminders, affecting even those who may be exempt from filing taxes.

⭕ Historically, having a TIN meant filing at least a null return. But with the new 18+ policy, initially IRD suggested no null returns were needed for incomes below Rs. 100,000/month.

⭕ State Minister of Finance, Ranjith Siyambalapitiya, confirmed that individuals with monthly incomes below Rs. 100,000 are exempt from tax. However, it's not clear whether they need to submit a null return or not.

⭕ Since not filing tax returns can subject individuals to fines and penalties under the IRD Act, the IRD needs to clearly communicate who should file returns and who shouldn't.