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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Opposition Leader Sajith Premadasa has welcomed the government’s decision not to proceed with the proposed reduction of the Value Added Tax (VAT) and Social Security Contribution Levy (SSCL) turnover threshold, calling it “a win for Sri Lanka’s SMEs.”

In a statement posted on ‘X’, Premadasa expressed gratitude to Opposition members who campaigned against the move, stressing that while broadening the tax base is necessary, it should not come “on the backs of our smallest businesses.”

The proposal, announced earlier this year, sought to lower the annual turnover threshold for VAT and SSCL from Rs. 60 million to Rs. 36 million, effective July 1. 

However, Deputy Minister of Economic Development Nishantha Jayaweera told Parliament yesterday (23) that the plan will not be implemented.

He said the decision followed clearance from the Cabinet of Ministers, the Attorney General, and recommendations from the Parliamentary Consultative Committee. (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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