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