Connect with us

News

TIN doesn’t automatically make someone liable for income tax – MoF

Published

on

According to the Finance Ministry, a Tax Identification Number (TIN) doesn’t automatically make someone liable for income tax; the obligation arises only when income exceeds the annual tax exemption limit of Rs. 1.2 million for those above 18. 

However, submitting the TIN is mandatory when opening a current account, requesting building plan approval, registering a motor vehicle, renewing a license & registering title to land from Feb. 01, the President’s Media Division states.

In a statement, the Inland Revenue Department (IRD) had previously stated that it is mandatory for persons at the age of 18 or more, or who turn 18 years on or after 01 January 2024, to register and obtain a TIN.

It also states that those who exceeds the annual tax exemption limit should also register for the income tax. 

Those who not register in this manner will be subjected to a penalty not exceeding Rs. 50,000, the IRD notice states.

News

This week’s Cabinet decisions

Published

on

By

A number of decisions have been taken at the Cabinet meeting held yesterday (Feb.26).

The decisions taken by the Cabinet of Ministers are as follows:

Continue Reading

News

Non-academic university staff to launch 2-day token strike

Published

on

By

The non-academic staff members of state universities have decided to go on a two-day token strike over several demands including a salary hike.

Accordingly, the strike will be held tomorrow (Feb.28) and the day after (Feb.29), University Trade Union Joint Committee’s Dhammika Priyantha said.

The committee had also warned to resort to a continuous TU action if authorities fail to address their issues within a week.

Continue Reading

News

Uddika Premarathne resigns as MP

Published

on

By

Anuradhapura District’s SLPP MP Uddika Premarathne has handed over his letter of resignation as a Member of Parliament, Speaker Mahinda Yapa Abeywardena has confirmed.

Continue Reading

Trending

Copyright © 2023 Sri Lanka Mirror. All Rights Reserved