Sri Lanka Social Security Contribution Levy threshold to be halved

Sri Lanka
By Editor_1
Activists from anti-government trade unions take part in protest outside the Ports authority in Colombo on February 22, 2023, against painfully high taxes and utility bills -ISHARA S. KODIKARA / AFP

COLOMBO – Sri Lanka will reduce the threshold to change a cascading Social Security Contribution Levy from 120 million to rupees 60 million, a government statement said.

The draft bill to amend the Social Security Contribution Levy Act No.25 of 2022 was approved by the Cabinet of Ministers this week.

The Cabinet also approved to amend the Value Added Tax Act No. 14 of 2002, reducing the threshold to charge the tax to 60 million rupees from 80 million rupees of revenues per year.

Both actions will widen the businesses from which the tax is charged.

From January 1, 2024, the value-added tax is to be raised from 15% to 18%. A comprehensive list of exemptions has not been made public yet.

-economynext.com

Editor_1
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