The deadline to obtain the Tax Identification Number(TIN) which every citizen of the country over 18 years of age need to be obtained on or after 01st of January 2024 likely to be extended according to the Inland Revanue Department (IRD).
The tax scheduled to be imposed on individuals with an annual income of Rs.1.2 million under the TIN system is also likely to be reduced the Department has stated.Those who are fail to obtain the TIN will face a penalty of Rs.50,000 according to the Inland Revanue Department .
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