Parliamentary Committee Approves Social Security Contribution Tax Amendments

The Committee on Public Finance (COPF) has approved the Social Security Contribution Tax (Amendment) Bill, following a meeting held on April 2nd in Parliament. Chaired by Member of Parliament Dr. Harsha de Silva, the committee's decision paves the way for implementing tax policy changes proposed in the 2026 budget. The amendments specifically target the Social Security Contribution Tax Act No. 25 of 2022. A key change introduced by these amendments is the adjustment of the annual turnover limit for tax registration, which will change from Rs. 60 million, effective July 1, 2026.