The Inland Revenue Department (IRD) has reported a significant surge in registered taxpayers, surpassing the 900,000 mark, according to the latest data. The figures reveal an impressive addition of 350,000 new registrations in 2023, marking a substantial increase from the 437,547 recorded at the end of 2022, as outlined in the IRD's 2022 annual performance report.

The driving force behind this remarkable uptick is attributed to the implementation of new legislation mandating taxpayer registration with the IRD. The mandatory registration requirement has been a pivotal factor in encouraging individuals to comply with tax regulations, resulting in a notable expansion of the taxpayer base.

In response to the growing trend, the IRD foresees a further increase in registered taxpayers in 2024. New regulations set to take effect mandate that every individual above the age of 18 must register with the IRD. This initiative aims to enhance tax compliance and ensure a more comprehensive inclusion of eligible taxpayers in the system.

The surge in registrations not only reflects a positive response to the mandatory requirements but also signifies a broader awareness and acceptance of the importance of contributing to the country's revenue system. The additional taxpayers are expected to contribute significantly to national development initiatives, infrastructure projects, and public services.