The Inland Revenue Department (IRD) has issued reminders to taxpayers regarding the deadlines for the Social Security Contribution Levy (SSCL) and Value Added Tax (VAT) payments and returns for July 2026.

According to the notice, SSCL payments for July must be made on or before August 20, 2026. 

Taxpayers are encouraged to use the Online Tax Payment Platform (OTPP) or pay through any branch of the Bank of Ceylon. Officials warned that late payments will attract penalties. The SSCL payment details include Tax Type Code 32, Period Code 26301, and Payment Category S.

Similarly, VAT payments for July are due by August 20, 2026, with returns required to be furnished online by August 31, 2026. 

The VAT payment details specify Tax Type Code 70, Period Code 26310, and Payment Category S, while the return filing details highlight Monthly frequency, Period July, and Return Period Code 2631.

The Department emphasized that penalties will be imposed for late or incorrect submissions. It also noted that input tax credits on local purchases and imports will be disallowed if VAT returns are filed late, credits on local purchases must be claimed within 12 months, and credits on imports within 24 months from the due date.

Taxpayers are advised to ensure timely compliance to avoid penalties and safeguard their eligibility for input tax credits. For assistance, the Inland Revenue Department has provided hotline 1944 and further guidance through its official website. (Newswire)

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Deputy Minister of Economic Development, Nishantha Jayaweera, has announced that the budget proposal to reduce the annual turnover threshold for Value Added Tax (VAT) and the Social Security Contribution Levy (SSCL) from Rs.60 million to Rs.36 million will not be implemented.

The proposal to reduce the annual turnover threshold from Rs.60 million to Rs.36 million was to come into effect from July 1.

“We are removing this proposal after receiving the relevant clearance from the Cabinet of Ministers and the Attorney General, as well as the recommendations of the Parliamentary Consultative Committee,” he said, addressing Parliament today (23).

Deputy Minister of Economic Development, Nishantha Jayaweera, further questioned why the Opposition was opposing the move when they themselves called for such taxes. (Newswire)

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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)

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The Speaker of the Parliament of Sri Lanka, Mahinda Yapa Abeywardana has endorsed the certificate on two Bills passed in Parliament recently.

According to the Parliament, the Speaker endorsed the certificate on the Inland Revenue (Amendment) Bill and the Social Security Contribution Levy (Amendment) Bill today (Sep. 08). 

These two Bills were taken up for debate in Parliament on Wednesday (Sep 06) and Thursday (Sep 07).

Accordingly, the Inland Revenue (Amendment) Act No. 14 of 2023 and the Social Security Contribution Levy (Amendment) Act No. 15 of 2023 will come into effect from today. (NewsWire)

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The government has announced a few exemptions from the Social Security Contribution Levy (SSCL).

The exemptions include domestic rice production and equipment used by people with special needs.

Taking to ‘X’, the State Minister of Finance Ranjith Siyambalapitiya announced the exemptions today (Sep 06). (NewsWire)

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