TIN is mandatory but Rs. 50,000 fine deferred

Although obtaining a Tax Identification Number (TIN) is mandatory for all persons over 18 years there is a legal provision to charge a fine of Rs.50,000 to those who do not comply, it will not be implemented for the moment, Finance State Minister Ranjith Siyambalapitiya told the media in Ruwanwella yesterday.

He said that although certain measures are being adopted with the aim of increasing state revenue, it is not expected to oppress the people of the country.

The Minister reiterated that even though it is mandatory to open a tax file and obtain a TIN number, it does not mean that all those people have to pay taxes, and he said that currently only people who have a net income over Rs.100,000 per month have to pay income tax.

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