A fine of Rs. 50,000 will be imposed on those who fail to register and obtain a Taxpayer Identification Number (TIN) with effect from January, the Inland Revenue Department (IRD) said.

In accordance with Section 102 of the Inland Revenue Act, the IRD stated that “any individual who is at the age of 18 years or more, or who attains the age of 18 years on or after 1 January 2024, it is mandatory to register with the Inland Revenue Department and obtain a TIN (Taxpayer Identification Number)”.  

As per a notice issued by the IRD on Wednesday (27), any person who receives an income of over Rs. 1,200,000 for a year (from 1 April of a year to 31 March of the following year) should register for income tax.

As such, the notice continued, those who do not obtain registrations as per the given instructions will be registered with the IRD and subjected to a penalty of a maximum of Rs. 50,000.

Further, a gazette notification, issued under the same act in May 2023, identified 14 categories of persons who should register with the IRD and obtain a TIN with effect from June 2023.

These classes of persons listed included doctors, architects, bankers, lawyers of the Supreme Court, persons with registered vehicles (except three-wheelers, motorbikes, and hand tractors), and more.

The registrations to obtain a TIN are available through both online and in-person methods.