SSCL Amendment Bill Enacted to Broaden Tax Base 📈

Speaker Dr. Jagath Wickramaratne has officially endorsed the Social Security Contribution Levy (Amendment) Bill, certifying it as the Social Security Contribution Levy (Amendment) Act, No. 10 of 2026. • Key Provisions Tax Base Expansion: The annual turnover threshold for mandatory registration has been lowered from Rs. 60 million to Rs. 36 million. Revenue Objective: By reducing the threshold, the Act aims to capture a larger volume of businesses into the SSCL net to bolster national social security funding. Motor Vehicle Sector: The amendment introduces revised tax exemptions specifically targeting motor vehicles. • Operational Changes Registration: New mandatory registration requirements are now in effect for entities hitting the lower threshold. Compliance: The Act includes updated provisions for the cancellation of registration to align with the revised financial criteria. This legislative move is a strategic step toward fiscal consolidation, impacting a wider range of SMEs and the automotive industry to support Sri Lanka's economic recovery framework.