Sri Lanka PAYEE tax files rise to 204,000, individuals to 500,000

Sri Lanka
By Editor_1

COLOMBO – Sri Lanka’s pay-as-you-earn (PAYEE) tax files had increased to 242,679 in 2023, from 41,636, Commissioner at the Department of Inland Revenue A. M. Nafir has said.

A total of 500,196 persons were registered as individual tax-payers by the end of November 2023, up from 204,467, a statement quoted Nafir as telling reporters at the Presidential Media Office.

Partnerships registered for tax had gone up to 15,579 from 13,776.

The number of companies registered had increased to 81,909 from 73,444.

“In 2019, IRD revenue was 1,025 billion rupees, in 2020 it decreased to 500 billion rupees. This year it was possible to raise it to 1,500 billion rupees by widening the tax base and by changing tax rates,” Nafir had said, adding that from next month all persons above 18 years of age will have to be registered with the IRD and obtain a Taxpayer Identification Number (TIN).

“Do not misunderstand this: Getting the number and opening tax files are two things. It’s like having an NIC number. They have to pay income tax only if there is income,” he had said.

-economynext.com

 

Editor_1
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