Cabinet green-lights amendments to Act on social security tax

January 31, 2023 01:31 pm

The Cabinet of Ministers on Monday (30 Jan.) approved several amendments to be made to the Social Security Contribution Levy Act No. 25 of 2022 (SSCL Act).

Accordingly, the introduction of all said amendments and the preparation of a draft Bill in this regard, with the required advice for the drafting of laws, were approved by the Cabinet.

As per the SSCL Act, any person carrying on the business of supplying financial services, exceeding an annual taxable turnover of Rs. 120 million, is required to pay a social security tax of 2.5%.

Meanwhile, the proposals for the 2023 Budget have excluded automobiles and equipment used for the aid of disabled persons from the social security tax.

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