Starting from February 01, individuals in Sri Lanka will be required to submit their Tax Identification Number (TIN) for various transactions, according to an announcement by the Finance Ministry. While having a TIN doesn't automatically indicate liability for income tax, it becomes mandatory for specific activities.

The obligation to pay income tax arises when an individual's income exceeds the annual tax exemption limit, set at Rs. 1.2 million for those above 18 years of age. However, the introduction of mandatory TIN submission is aimed at enhancing regulatory processes and increasing financial transparency.

Effective from February 01, individuals will need to provide their TIN when opening a current account, requesting building plan approval, registering a motor vehicle, renewing a license, and registering title to land. This move aligns with the government's efforts to streamline processes, combat tax evasion, and ensure accurate documentation in various transactions.