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Is it mandatory to register with the Inland Revenue Department and obtain a Tax File Number (TIN)

With effect from January 01, 2024, any individual who is at the age 18 years or more, or who attains the age of 18 years on or after January 01, 2024, it is mandatory to register with the Inland Revenue Department and obtain a TIN (Taxpayer Identification Number).

Furthermore, any person who receives an income over Rs. 1,200,000/- for a year of assessment (from April 01 of a year to March 31 of the following year), shall register for the Income Tax.

Persons who do not obtain registration, as per above instructions, will be registered by the Inland Revenue Department and shall be subjected to a penalty not exceeding Rs. 50,000/-.

Tax-Alert | January 2024 | Social Security Contribution Levy (Amendment) Bill

Tax Alert



A Bill to amend the Social Security Contribution Levy Act No. 25 of 2022 was issued on 04 January 2024 by the Minister of Finance, Economic Stabilization and National Policies.



Synopsis of the Amending Bill is as follows :-



to the turnover threshold of registration


The registration threshold has been reduced to LKR 15 Mn per quarter or LKR 60 Mn for a period of consecutive four quarters w.e.f. 01 January 2024.



A person exceeding or likely to exceed the aforementioned threshold should register for Social Security Contribution Levy (SSCL) within 15 days from the date on which the aggregate turnover meets the above specified threshold.



# Cancellation of Registration


Any registered person can make an application to the Commissioner-General to have his registration cancelled if the aggregate turnover for a period of consecutive four quarters does not exceed LKR 60 Mn on or after 01 January 2024.







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