Starting from today (January 01, 2024), a mandatory tax registration requirement has been instituted for individuals aged 18 and above, or those reaching 18 after this date. The Inland Revenue Department stipulates that individuals falling under these criteria must register with the department and obtain a Taxpayer Identification Number (TIN).

In addition, anyone earning an income surpassing Rs. 1,200,000/- within a year of assessment (from April 01 to March 31 of the following year) is obligated to register for Income Tax.

Failure to comply with these regulations will lead to registration by the Inland Revenue Department, accompanied by penalties not exceeding Rs. 50,000/-.

It is crucial for eligible individuals to ensure timely compliance with these new directives to avoid penalties and legal consequences, the IRD states.