The Inland Revenue Department (IRD) has announced a significant 160% increase in the number of people required to pay taxes this year compared to last year. For the 2023/2024 assessment year, 868,009 individuals are required to submit income reports, a sharp rise from 333,313 in the previous year.
This surge in taxpayers is largely due to amendments to the Inland Revenue Act, which expanded registration efforts to include businesspersons, professionals, and asset holders. Many of the new registrants are linked to Taxpayer Identification Numbers (TIN).
Additionally, individuals earning over Rs. 100,000 per month or Rs. 1.2 million annually must now submit their income declarations online. The IRD is offering assistance at its head office and provincial offices for those unable to complete the process digitally.
