State Minister explains why some registered taxpayers are not required to pay tax

Saturday, 6 July 2024 00:44 - - {{hitsCtrl.values.hits}}

State Minister of Finance Ranjith Siyambalapitiya has clarified that individuals with a monthly income of less than Rs. 100,000 are exempt from paying income taxes, even if they have registered and obtained a Taxpayer Identification Number (TIN).

Siyambalapitiya said accordingly, they are not required to pay the taxes, even if the Inland Revenue Department (IRD) sends a reminder via text messages or letters.

However, he pointed out that these individuals must inform the Inland Revenue Department in writing in order to confirm their exemption from paying the tax and that such individuals can inform the nearest IRD regional office in this regard.

He further expressed that as of now, 2.3 million people have obtained a TIN, with 1.3 million registrations in June alone.

He added that the Government aims to increase the number of persons who have obtained a Taxpayer Identification Number to 7.3 million by the end of July.