Speaker Jagath Wickramaratne, on Thursday (09) endorsed the certificate on the Social Security Contribution Levy (Amendment) Bill.
The Second Reading debate of the Social Security Contribution Levy (Amendment) Bill was held April 07, and the Bill was passed following its Third Reading with amendments.
The objective of the Social Security Contribution Levy (Amendment) Bill is to amend the Social Security Contribution Levy Act No. 25 of 2022, mainly to lower the turnover threshold required for registration for the levy and revise certain exemptions relating to motor vehicles.
Accordingly, this Act expands the tax base of the Social Security Contribution Levy by lowering the turnover threshold from Rs. 60 million to Rs. 36 million per annum.
It also introduces new registration requirements and cancellation of registration consistent with the revised threshold and revises exemptions relating to motor vehicles.
Thus, the Social Security Contribution Levy (Amendment) Bill comes into force as the Social Security Contribution Levy (Amendment) Act, No. 10 of 2026. (Newswire)