The Cabinet of Ministers on Monday (30 Jan.) authorized a number of amendments to be made to the Social Security Contribution Levy Act No.
25 of 2022 (SSCL Act).
Appropriately, the intro of all said modifications and the preparation of a draft Bill in this regard, with the needed recommendations for the drafting of laws, were approved by the Cabinet.As per the SSCL Act, any person continuing business of providing monetary services, going beyond an annual taxable turnover of Rs.
120 million, is needed to pay a social security tax of 2.5%.
On the other hand, the proposals for the 2023 Budget have omitted automobiles and equipment used for the help of disabled persons from the social security tax.