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Sri Lanka: Amendments to Social Security Contribution Levy Act enacted

The Speaker certified the Social Security Contribution Levy (Amendment) Act No. 15 of 2024

March 27, 2024

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

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