Compulsory tax registration proposed for all aged above 18 years

President Ranil Wickremesinghe has proposed to introduce compulsory tax registration for all residents who are aged above 18 years without considering their annual income and tax-free thresholds.

He stated this during the second reading of 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 must play a pivotal role to increase the efficiency of tax collection, strengthen tax compliance and prevent tax evasion in order to increase government revenue.

“The government is committed to implement the recommendations in the Final Report of the Presidential Commission of Inquiry into Sri Lanka Customs. This will strengthen corporate, administrative and operational process of Sri Lanka Customs to discharge its responsibilities and efficiency,” President Wickremesinghe continued.