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Thursday, September 29, 2022

All individuals aged above 18 years to be registered with IRD

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A proposal has been put forward to register all individuals aged above 18 years with the Inland Revenue Department (IRD).

The decision was taken with the intention of increasing the efficiency of tax collection, President Ranil Wickremesinghe said today during his interim budget speech.

He delivered the Appropriation (Amendment) Bill, for the remainder of the fiscal year 2022, to the parliament this afternoon.

Speaking further, the Head of State said the country’s tax administration is required to play a major role to boost tax compliance and prevent tax evasion.

According to him, the decision to register people aged above 18 years with the IRD was reached without taking into consideration the annual income or tax exemption limits.

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