Sri Lanka: Amendment to Social Security Contribution Levy Bill
The Minister of Finance, Economic Stabilization and National Policies issued a bill amending the Social Security Contribution Levy Act
Amendment to Social Security Contribution Levy Bill
The Minister of Finance, Economic Stabilization and National Policies on 4 January 2024 issued a bill amending the Social Security Contribution Levy Act No. 25 of 2022 as follows:
- Amendment to the turnover threshold of registration: The registration threshold has been reduced to LKR 15 Mn per quarter or LKR 60 Mn for a period of consecutive four quarters effective 1 January 2024.
- Cancellation of registration: Any registered person can make an application to the Commissioner General to have their registration cancelled if the aggregate turnover for a period of consecutive four quarters does not exceed LKR 60 Mn on or after 1 January 2024.
Read a January 2024 report [PDF 439 KB] prepared by the KPMG member firm in Sri Lanka
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