TIN demand surges after withholding tax rate hike

Most accountholders have sought to obtain the Taxpayer Identification Number (TIN), following the government's decision to increase the withholding tax rate from 5 percent to 10 percent, effective from April 1, a senior official attached to the Inland Revenue Department (IRD) said.

- By CHATURANGA PRADEEP SAMARAWICKRAMA

He told Mirror Business that people who do not currently pay taxes have started visiting the IRD provincial offices, financial institutions and IRD head office to obtain their TIN.

As a result, the number of TIN registrations at the IRD has reached 11 million, though most of the TINs are yet to be issued to the respective individuals.