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Tax files for all those above 18 years from Jan.1
A tax file will be opened by the Inland Revenue Department (IRD) for all those above the age of 18 from January 1, 2024, State Minister of Finance Ranjith Siyambalapitiya said yesterday.
However despite it being mandatory for all those above the age of 18 years to open a tax file, it is not required for all to pay their taxes, Minister Siyambalapitiya said elaborating who could evade this next year.
Siyambalapitiya said even future welfare benefits will be given under this tax file number.
A special Gazette notification issued yesterday has already made it mandatory for professionals belonging to 14 categories including Doctors, Engineers, Chartered Accountants and Architects to register themselves with the Inland Revenue Department from yesterday (01 June).
The Gazette notification was issued by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilization & National Policies with the consent of the Commissioner General of IRD.
As per the Gazette notification, employees whose monthly contribution from both employee and employer to any Provident Fund exceeds Rs. 20,000 are also required to register with the IRD.
Accordingly, the following professionals are required to register themselves with the IRD with effect from June 1:
1. Practitioners registered with the Sri Lanka Medical Council (SLMC)
2. Members of the Institute of Chartered Accountants of Sri Lanka
3. Members of the Institute of Certified Management Accountants of Sri Lanka
4. Members of the Institution of Engineers Sri Lanka
5. Members of the Association of Professional Bankers
6. Members of the Sri Lanka Institute of Architects
7. Members of the Institute of Quantity Surveyors Sri Lanka
8. Attorneys-at-Law of the Supreme Court of Sri Lanka
9. Individuals who have registered their businesses in Divisional Secretariats
10. Individuals who are in possession of vehicles registered (other than three-wheelers, motorcycles and hand tractors) with the Motor Traffic Department
11. Individuals who have purchased or acquired, by virtue of Deeds Transfer, of any immovable property in Sri Lanka on or after April 01, 2018
12. Employees whose monthly contribution from both employee and employer to any Provident Fund which is more than Rs. 20,000
13. Any individual who obtains approval for a building plan from a Local Authority
14. Any other individual who receives payment of Rs. 100,000 per month or Rs. 1,200,000 for a 12-month period for providing any services in Sri Lanka
According to the notification, any individual who does not belong to any category mentioned above, who are at the age of 18 years or more as at December 31, 2023 or who attains the age of 18 years on or after January 01, 2024, are required to register themselves with the IRD with effect from January 1, 2024.(Darshana Sanjeewa Balasuriya)
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