Finance Ministry issues clarification on Tax Identification Number
January 2, 2024 05:41 pm
The Ministry of Finance has issued a clarification regarding Tax Identification Numbers (TINs), emphasizing that possessing a TIN does not automatically imply liability for income tax.
Accordingly, only individuals aged 18 and above, whose income surpasses the annual tax exemption limit of Rs. 1.2 million, are obligated to pay income tax, the President’s Media Division (PMD) reported.
Despite this clarification, the PMD outlined that a TIN is compulsory for specific activities, effective from 01 February.
These activities include opening a current account, seeking building plan approval, registering a motor vehicle, renewing a license, and registering title deeds to land.
