he Inland Revenue Department has made a valid Taxpayer Identification Number (TIN) mandatory from today (1 November) for several specified transactions.

A TIN must be presented when opening a bank or financial institution account, obtaining building plan approval, registering a motor vehicle or renewing its licence, registering land, registering a business, transferring shares in a Sri Lankan company and obtaining a credit card.

Relevant officials are required to verify the validity of the TIN before processing these transactions.

Individuals who have not obtained a TIN can register through the Inland Revenue Department’s e-Services portal. A printed copy displaying the individual’s National Identity Card (NIC) number and TIN will be accepted in place of an official TIN certificate once verification is successful.

The Department has also clarified that having a TIN does not mean everyone is required to pay income tax. Individuals are liable to pay income tax only if their annual income exceeds Rs. 1.8 million.

Nearly 13 million Sri Lankan adults have obtained a TIN to date, according to Department sources.