Do not pay tax if monthly income does not exceed Rs. 100,000: Finance Ministry

Published : 5 July 2024 11:25 am Views - {{hitsCtrl.values.hits}} 20 Bookmark

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Colombo, July 5 (Daily Mirror) - State Minister of Finance Ranjith Siyambalapitiya clarified that individuals who have received letters or text messages from the Inland Revenue Department requesting tax payments need not comply if their monthly income does not exceed Rs. 100,000.

He emphasised this in response to reports that individuals with Taxpayer Identification Numbers (TIN) had received such communication.

Minister Siyambalapitiya said that those whose monthly income does not exceed Rs. 100,000 are exempt from paying tax.

He said that individuals can inform this to the nearest regional office of the local revenue department.

The Minister said that approximately 2.3 million people have received their TIN numbers to date, with 1.3 million issued in June alone.

He further said the government's target is to increase the issuing of TIN numbers to 7.3 million by the end of July.

Comments - 20

Comments - Do not pay tax if monthly income does not exceed Rs. 100,000: Finance Ministry

Keith De Siva (Nick Name) Friday, 05 July 2024 11:47 AM

I sold my house for 17million in Sri Lanka, Undiyal all money to Dubai, opened a kebab shop in Dubai, Gave employment to 3 Indians, earning more than 500K a month, also I am a software engineer and earning 600K equal ant amount transferred to Dubai business account from New Zealand, so the total come to 1.1Million and paying Zero Tax.... chilling in Sri Lanka... This is how heavy taxing countries losing income.

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Roisin Friday, 05 July 2024 12:42 PM

And this is how countries are losing income for financing education, roadmaintance, healthcare, support for the elderly and handicapped etc, Because of selfish people like you.

37 274

SLEx Friday, 05 July 2024 01:52 PM

What you are doing is evading Tax. You need to pay Tax if the money earned from your job is being done in Sri Lanka using Sri Lanka's resources, which is the norm all around the world. You are a tax evader. Thank you for the information. IRD will probably contact you soon. People like you are the reason the poor people are also being taxed heavily. "The Tax is levied on the Income of any person arising in or derived from Sri Lanka. A resident is taxable on world income, and any other person is taxable only on income arising or derived in Sri Lanka."

77 160

Tissa Fernando Friday, 05 July 2024 04:26 PM

Ha ha, you are missing the point. 17 million house sale will be caught by the Tax authorities. Apart from that if you are a resident of Sri Lanka, You will be spending in Sri Lanka and you pay 18% VAT. If you buy any asset you will get caught for your source of income.

57 0

Sam Silva Friday, 05 July 2024 05:39 PM

Since you have published all your under hand transactions, they will come after you unless you are a fake.

0 3

manoharan Friday, 05 July 2024 11:49 AM

why cannot the minister in charge get IRD to state by a circular and posted on its website that returns need not be submitted if the income is less than 100,,000 per month someone is working overtime to ensure RW is routed at the election

1 78

Dee Friday, 05 July 2024 12:19 PM

There is enough notice about threshold

21 32

Tarnish the image of Ranil? Friday, 05 July 2024 04:42 PM

There is truth in what you say. Are we supposed to learn that the IRD officers do not know how to get the TIN holders to declare their monthly income? Is this how they have been functioning all these years?

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Tarnish the image of Ranil? Friday, 05 July 2024 04:42 PM

There is truth in what you say. Are we supposed to learn that the IRD officers do not know how to get the TIN holders to declare their monthly income? Is this how they have been functioning all these years?

3 0

Labby Friday, 05 July 2024 12:00 PM

Politicians say one thing and the Central Bank Governor says another. And where do we Senior Citizens earning a meagre fixed deposit interest stand in all this?

1 62

Dee Friday, 05 July 2024 12:21 PM

If your meagre fixed deposit interest income is less than 100k a month, you shouldn’t worry.

14 56

Grace Friday, 05 July 2024 01:03 PM

Senior citizens are a burden to the society and the government and they are regarded as leprosy patients. When senior citizens were working, they underwent untold hardships. Even calculators hadn't been invented. Travelling on minibuses and trains footboards they went to work but nobody thinks about the sacrifices they made for the society. They scrimped and saved money to live a peaceful life in the evening of their life. The interest they get for their FD is only a peanut. For me any society that disregard elders woes can't boast itself a civilised society.

2 76

Fact Friday, 05 July 2024 12:53 PM

Government is going behind small people instead of properly auditing the dealings of big timers. We are yet to make Business to Business transactions and other transactions beyond a certain amount to go through a Bank. VAT is a big scam where dummy purchase bills are included in the accounts without the payment transaction trail. Most of the shops won't possess a valid purchase voucher. When everything is informal fixed salary earners have a nightmare.

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Yohan Friday, 05 July 2024 01:04 PM

These guys discourage professionals and businessman with this strategy. If not for imf money, we are still in bad situation. As a country we cannot follow same tax systems like in certain so called developed nations where those countries are also in the process of going down economically. Best option is to increase indirect taxes for now so that government will get more revenue. For example price of revenue license renewal can be increased by 100 rupees and people will not worry much. Increase various other government services with similar amounts and no one will say anythings. Also this 100000 should be changed to at least 250000 to encourage people to work more and earn more. Also government should reduce tri forces from current 150000 plus nos to something around 10000. Ban trade unions and reduce other government sector jobs by two third.

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Disgruntled Senior Citizen Friday, 05 July 2024 01:11 PM

I am a retired person from a private company and on my last leg if my life. I pray mother nature, I should not take birth in Sri Lanka again.

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Seniors Friday, 05 July 2024 03:57 PM

If those earning less than 100,000 need not pay taxes what is happening to the tax deducted on fixed deposits

0 6

Kumara Ilangasinghe Friday, 05 July 2024 04:34 PM

Why do banks deduct Withholding Tax from all Fixed Deposits however small? This is never refunded by Inland revenue. This is daylight robbery! Banks should get a declaration from depositors if their monthly income exceeds Rs 100,000 or not. Those who declare that they are not liable should not be charged Withholding Tax. Simple solution.

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Ram Friday, 05 July 2024 05:09 PM

Some Mercantile sector employees have fuel allowances and or official vehicles. These benefits are added to the monthly wages and they must pay tax. MPs and Minsters receive houses, vehicles, fuel allowances, phone

0 74

Sambo Friday, 05 July 2024 07:58 PM

What happens to our 5% tax that are deducted from our fixed deposits. We are not employed and the only income is what we get as the FD interest.

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Lawry Friday, 05 July 2024 08:17 PM

Withholding tax is reduced by banks on minute fixed deposit interests. I am expected to reclaim it from IRD. I have to furnish my income details which is peanuts. Please instruct the banks to stop withholding tax on senior citizens.

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