It has been mandated by a special gazette notification that professionals in 14 categories register with the Inland Revenue Department (IRD).
The announcement was made on May 31 by President Ranil Wickremesinghe, who is also the Minister of Finance, Economic Stabilization, and National Policies, in accordance with the authority granted to him by Section 102, Subsection 03, of the Inland Revenue Act No. 24 of 2017.
Employees must register with the IRD if their combined monthly contributions to any Provident Fund exceed Rs. 20,000, according to a gazette notification.
With effect from today (June 1), the government has made it essential for professionals belonging to the following 14 groups to register themselves with the IRD:
1. Practitioners registered with the Sri Lanka Medical Council (SLMC)
2. Members of the Institute of Chartered Accountants of Sri Lanka
3. Members of the Institute of Certified Management Accountants of Sri Lanka
4. Members of the Institution of Engineers Sri Lanka
5. Members of the Association of Professional Bankers
6. Members of the Sri Lanka Institute of Architects
7. Members of the Institute of Quantity Surveyors Sri Lanka
8. Attorneys-at-Law of the Supreme Court of Sri Lanka
9. Individuals who have registered their businesses in Divisional Secretariats
10. Individuals who are in possession of vehicles registered (other than three-wheelers, motorcycles and hand tractors) in Motor Traffic Department
11. Individuals who have purchased or acquired, by virtue of Deeds Transfer, of any immovable property in Sri Lanka on or after April 01, 2018
12. Employees whose monthly contribution from both employee and employer to any Provident Fund is more than Rs. 20,000
13. Any individual who obtains approval for a building plan from a Local Authority
14. Any other individual who receives payment of Rs. 100,000 per month or Rs. 1,200,000 for a 12-month period for providing any services in Sri Lanka
Additionally, everyone who is 18 years of age or older as of December 31, 2023, or who becomes 19 on or after January 1, 2024, but does not fit into any of the aforementioned categories, must register with the IRD.
