Sri Lanka: Amendments to Social Security Contribution Levy Act enacted
The Speaker certified the Social Security Contribution Levy (Amendment) Act No. 15 of 2024
Amendments to Social Security Contribution Levy Act enacted
The Speaker on 20 March 2024 certified the Social Security Contribution Levy (Amendment) Act No. 15 of 2024, which provides:
- The turnover threshold for registration is reduced to LKR 15 Mn per quarter or LKR 60 Mn for a period of consecutive four quarters, effective 1 January 2024. A person exceeding or likely to exceed the said threshold must register for social security contribution levy within 15 days from the date of certification by the Speaker.
- 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 March 2024 report prepared by the KPMG member firm in Sri Lanka
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.