NIC number to be converted to TIN?

Measures are being taken to simplify the newly introduced Taxpayer Identification Number (TIN), reports say.

State Minister of Finance Ranjith Siyambalapitiya has stated that measures are underway to convert a person’s National Identity Card (NIC) number to their Taxpayer Identification Number (TIN).

   

The government has clarified that a Tax Identification Number does not automatically make someone liable for income tax. The tax obligation arises only when income exceeds the annual tax exemption limit of Rs. 1.2 million for those above 18 years of age.