Press briefing of Cabinet Decision taken on 2023-12-18 (Subject to Confirmation at the next Meeting)

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

- Approval of the Cabinet has been granted at the meeting held on 2023‑10‑30 to amend the Social Security Contribution Levy Act, No.25 of 2022 in order to reduce the liable turnover from Rs.120 million per annum to Rs.60 million per annum to be effective from 2024‑01‑01. The clearance of the Attorney General has been received for the Bill drafted by the Legal Draftsman accordingly. The proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies, to publish the said Bill in the Government Gazette and thereafter, present the same in Parliament for approval, was approved by the Cabinet.