Originally, scheduled for 1 January, individuals now have time till February to initiate these processes without dealing with the newly proposed tax adjustments.

The State Minister noted that opening a tax file online is a straightforward process and clarified that registering does not automatically subject individuals to income tax. “Only those with incomes exceeding Rs. 100,000 will be liable for taxation,” he added.

Addressing another economic matter, Siyambalapitiya expressed concerns over the surge in daily container imports, surpassing 1000 units.

He attributed this spike to importers capitalising on the impending Value Added Tax (VAT) increase.

“Importers are reportedly hastening the clearance of goods before the VAT rises to 18% on 1 January,” he said