The enforcement of the rule making the Taxpayer Identification Number (TIN) mandatory for eight essential financial and administrative transactions has reportedly been postponed to April 1, 2027. The Commissioner General of Inland Revenue has confirmed this decision.
It is stated that this will grant the public an additional five-month grace period to comply with the requirement, which originally came into effect on November 1.
Key Points
- A five-month grace period has been granted to comply with the rule that took effect on November 1.
- The decision was taken due to system breakdowns and difficulties faced by the public when obtaining TIN certificates.
- This concession applies to eight transactions, including bank accounts, motor vehicle revenue licences, and credit cards.
Reasons for the decision
The severe difficulties experienced by the public when attempting to obtain TIN certificates were the primary reason for this postponement. Authorities took this step in the face of long queues forming outside Inland Revenue Department offices, as well as breakdowns and disruptions encountered in the department's online registration system.
Services receiving the concession
The eight transactions covered by this grace period are opening bank accounts, obtaining building plan approvals, vehicle registration, renewing motor vehicle revenue licences, land registration, business registration, transfer of company shares, and obtaining credit cards.
Although temporary relief was previously granted only for opening bank accounts and renewing motor vehicle revenue licences, the new decision extends the deadline until April next year for all eight services on the list.
