Mandatory Registration for All Citizens above 18 Starting February 1, 2024"
In a recent announcement (02.01.2024) from the Presidential Media Division, a significant change in income tax regulations is set to kick in on February 1, 2024. This update is crucial for citizens to be aware of as it introduces mandatory income tax registration for everyone above the age of 18.
It's important to understand that while registration is compulsory, not everyone who registers will have to pay taxes. According to the Presidential Media Division, only individuals earning more than Rs. 100,000 per month will be liable to pay income tax.
Even if you don't fall into the taxable income bracket, obtaining a tax registration number is about to become crucial for various everyday transactions.
These include
- opening a current bank account,
- applying for building plan approval,
- registering a motor vehicle,
- renewing licenses,
- establishing ownership of land.
The process of obtaining a tax number has been described as straightforward, making it accessible to all citizens. Whether or not you fall into the taxable income bracket, having a tax registration number will soon be a necessary part of various routine activities.
As we approach this significant change, it's essential for everyone to stay informed and ensure compliance with the new regulations. The aim is to streamline processes and enhance transparency in the taxation system for the benefit of all citizens.
If you want to obtain your TIN, you can watch the self-explanatory video below
