TIN doesn’t automatically make someone liable for income tax: PMD

2 January 2024 07:22 pm Views - {{hitsCtrl.values.hits}} 19 Bookmark

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Colombo, Jan. 2 (Daily Mirror)- A Tax Identification Number (TIN) does not automatically make someone liable for income tax unless the income exceeds the annual tax exemption limit of Rs. 1.2 million for those above 18 years, the President's Media Division (PMD) said.

However, submitting the TIN is mandatory when opening a current account, requesting building plan approvals, registering a motor vehicle, renewing a license or registering title to land from February, the PMD said.

Comments - 19

Bruised citizen Tuesday, 02 January 2024 08:00 PM

Why stifle already bruised citizens? Instead recover stolen money hoarded overseas….

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Concerned citizen Tuesday, 02 January 2024 08:11 PM

First you make us register for tax and then reduce the threshold to tax us more

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Lk Tuesday, 02 January 2024 08:15 PM

So all those who get more than one lakh will be taxed . What about families. Will they tax them for combined income Give some good family relief. families with children must be exempted . First have some education sessions on this . Educate people What about people small children. What about all other expense. Families needed more 2.5m for annual expense

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Dee Wednesday, 03 January 2024 05:44 AM

Is there a family tax file system as well? Or are Sri Lankans so uneducated?

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SLEx Wednesday, 03 January 2024 09:10 AM

You pay 10000 RS in tax if you earn 200,000 monthly. That is not a huge amount. Previously the tax threshold was 3,000,000, which barely any people earn. You want free education, medical, subsidised electricity and fuel, but do not want to pay tax. Sri Lankans need to stop being freeloaders.

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Voter Tuesday, 02 January 2024 08:51 PM

If they can print infinite money, why do we pay taxes?

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Dee Wednesday, 03 January 2024 10:49 AM

Clearly you don’t have a clue about how an economy works! Go work for the NPP.

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Jayantha Tuesday, 02 January 2024 09:50 PM

Without reducing expenses of politicians and his so called consultants, he is robbing people to enjoy a luxury life. He has so many consultants too that get free fuel and a luxury vehicle.

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Jude Tuesday, 02 January 2024 10:02 PM

TIN my AZZ !!

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Joshua Wednesday, 03 January 2024 02:19 AM

What a discovery by PMD

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Ram Wednesday, 03 January 2024 03:38 AM

1.2M exemption is fair. The issue is Lawyers Doctors and many others escape taxes resulting in the government increasing the VAT etc to collect money. Bring in some procedure to catch the sharks who escape. Collect the taxes due from the big businessmen and reduce the VAT

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Citizen k Wednesday, 03 January 2024 07:33 AM

Once we get the the Tin Number ,the government will have the licence to tell us how much we can keep back and how much the tax should be paid.They are killing all incentives of free enterprise and more the taxes lesser income to purchase goods resulting in lower tax collections.This fundamental of economics.

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Narangoda Amarasena Wednesday, 03 January 2024 08:35 AM

TIN doesn’t make people liable to pay income tax. But once registered TIN is issued. That is Taxpayer Identification Number and they shall submit Tax Return annually. If they don’t have a taxable income, Nil return shall be submitted to avoid penalties and imprisonment. Can Finance Minister or IRD give an assurance or ruling that people below taxable income shall not submit Tax Returns? Don’t deceive poor people

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Senior citizen Wednesday, 03 January 2024 08:58 AM

WHAT ABOUT SENIOR CITIZENS WHO LIVE ON THEIR FD INTEREST MONTHLY . WE ARE SUFFERING IN MANY WAYS

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Sambo Wednesday, 03 January 2024 09:13 AM

Then why the hell you ask every person over 18 years to open a tax file. To bread maggots.

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mnsmart Wednesday, 03 January 2024 09:29 AM

Is the tax applicable after deducting cost of essential items such a s food, educational expenses, electricity tariff, water tariff etc?

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Jerome Wednesday, 03 January 2024 10:07 AM

People have the right to know what happens to the tax payers money, accountability and transparency are the key.

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Tax Lawyer Wednesday, 03 January 2024 02:27 PM

Any individual who receives LESS THAN Rs.1,200,000 for any year commencing 1/4/2023 has NO TAX PAYABLE FOR THAT YEAR and SHALL NOT BE REQUIRED TO FURNISH ANY RETURN OF INCOME [s.52 read with 5th Schedule’s 2(a)(iv) and s.94(1)]. Any person NOT LIABLE TO FURNISH A RETURN OF INCOME NEED NOT REGISTER with the Commissioner-General [s.102(1)]. Not even the Commissioner-General can compulsorily register an individual as a “Taxpayer” without first determining that he or she RECEIVES MORE THAN Rs.1,200,000 for any year [s.102(4)]. Gazette Extraordinary No.2334/21 (31/5/2023) has been promulgated subject to the requirements of s.102. PRESENTLY there exist no Amendments to the Notaries Ordinance, Registration of Documents Ordinance, Local Council Ordinances or Motor Traffic Act compelling any submitting of a “Taxpayer Identification Number.”

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Jane Konithan Thursday, 04 January 2024 03:16 AM

Pin Bath MPs will never require this as they are getting much less than the limit! Better make it RS 20,000/=. 225 Pin Pappas still be saved by the Pimpi rules by Ponaya!

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