Press briefing of Cabinet Decision taken on 2023-01-30

Amendments to the Social Security Contribution Levy Act, No. 25 of 2022

- Social Security Contribution Levy (SSCL) is imposed under the Social Security Contribution Levy Act, No. 25 of 2022 at the rate of 2.5% on the liable turnover of taxable persons whose turnover exceeds Rs. 120 million per annum and exemptions from the said levy have been indicated under the First Schedule to the Act. Motor vehicles liable to Excise Duty under the Excise (Special Provisions) Act No. 13 of 1989 and the equipment used by differently-abled persons have been exempted from the Social Security Contribution Levy by the Budget proposals for the year 2023. Further, few more amendments to be incorporated to the said Act have been identified at present. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to amend the said Bill and to instruct the Legal Draftsman to prepare a Bill for the same, was approved by the Cabinet.