Mandatory tax registration for sixteen professional categories | Daily News

Mandatory tax registration for sixteen professional categories

President as Finance Minister issues gazette extraordinary

Those engaged in the professions of doctors, engineers, lawyers, accountants, bankers, architects and another 16 sectors have been made mandatory to register with the Commissioner General of Inland Revenue and open their tax files with effect from June 1.

This decision has been announced by an extraordinary gazette issued by President Ranil Wickremesinghe as the Financial Economic Stabilisation and National Policy Minister yesterday (May 31).

According to paragraph 03 of Section 102 of the Inland Revenue Act No. 24 of 2017, the Minister may specify additional persons and classes for registration under this section with the consent of the Commissioner General.

Accordingly, registered doctors of the Sri Lanka Medical Council, registered members of the Institute of Chartered Accountants of Sri Lanka, members of the Institute of Chartered Management Accountants of Sri Lanka, members of the Institute of Engineers of Sri Lanka, members of the Bankers Association of Sri Lanka, members of the Association of Architects of Sri Lanka, members of the Institute of Quantity Surveyors of Sri Lanka. Members, Supreme Court advocates, persons who have registered businesses under the Divisional Secretary, persons who have registered vehicles in the Department of Motor Vehicles (except three-wheelers, motorcycles and mini tractors), persons who have purchased or acquired immovable property in Sri Lanka and exchanged a deed, those who contribute more than Rs. 20,000 together with the employers’ and employees’ contributions as any gratuity fund, anyone who has approval for a building plan from the local authority and anyone within Sri Lanka receiving Rs.100,000 monthly or Rs. 1,200,000 per annum are required to register with the Commissioner of Inland Revenue.

In addition, all persons who do not fall under the above categories, who have attained 18 years on December 31,2023, or who will attain 18 years on or after January 1, 2024, will be subject to this new provision.


 

 


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