Taxpayer Numbers Surge by 160%

COLOMBO (News 1st) - The Inland Revenue Department announced that the number of people required to pay taxes this year has increased by 160 percent compared to last year.

The Inland Revenue Department has reported a significant rise in the number of taxpayers for the assessment year 2023/2024.

This year, 868,009 people are required to submit income reports, a sharp increase from 333,313 in the previous year.

The growth in taxpayers is attributed to recent amendments to the Inland Revenue Act, which expanded registration efforts targeting businesspersons, professionals, and asset holders.

The IRD noted that many new registrations are linked to Taxpayer Identification Numbers (TIN).

Meanwhile, people earning over Rs. 100,000 per month or Rs. 1.2 million per year must submit their income declarations online.

For those unable to do so, assistance is available at the IRD's head office and provincial offices.