Social Security Contribution Levy (Amendment) Act, No. 15 of 2024 by the Parliament of the Democratic Socialist Republic of Sri Lanka is the latest amendment to the Social Security Contribution Levy Act, No. 25 of 2022. Here is a summary of the key amendments:
- Short Title: The Act is cited as the Social Security Contribution Levy (Amendment) Act, No. 15 of 2024.
- Amendment to Section 4:
- The amendment changes the registration requirements for taxable persons.
- Taxable persons must register with the Commissioner-General of Inland Revenue within specified timeframes based on their turnover:
- For turnovers exceeding 120 million rupees in the twelve months before the Act’s operation.
- For quarters before January 1, 2024, when turnover exceeds 30 million rupees.
- For periods from January 1, 2024, when turnover exceeds 15 million rupees per quarter or 60 million rupees over four consecutive quarters.
- Amendment to Section 5:
- Adjustments to registration conditions based on turnover for quarters before and after January 1, 2024.
- Specifies that for periods after January 1, 2024, registered persons with a turnover not exceeding 60 million rupees over four consecutive quarters are included.
- Textual Consistency: In case of inconsistencies between the Sinhala and Tamil texts of the Act, the Sinhala text will prevail.
Download the Amendment Act: http://documents.gov.lk/files/act/2024/3/15-2024_E.pdf
