The Speaker of Parliament, Dr. Jagath Wickramaratne, has certified the Social Security Contribution Levy (Amendment) Bill yesterday (09).
The second reading debate on the Social Security Contribution Levy (Amendment) Bill was held on April 07, while the third reading of the Bill was passed with amendments in Parliament.
The Bill seeks to amend the Social Security Contribution Levy Act No. 25 of 2022 by reducing the business turnover threshold required for registration and revising certain exemptions related to motor vehicles.
Accordingly, the annual turnover threshold for tax registration will be reduced from Rs. 60 million to Rs. 36 million.
The Bill also introduces new provisions on registration requirements and cancellation of registration in line with the revised threshold, while amending exemptions related to motor vehicles.
With these changes, the Social Security Contribution Levy (Amendment) Bill will come into force as the Social Security Contribution Levy (Amendment) Act No. 10 of 2026.
