Several amendments have been identified to be made to the Social Security Contribution Levy Act (SSCL) No. 25 of 2022, Cabinet Spokesman Minister Bandula Gunawardana said.

He said this while addressing the weekly Cabinet press briefing today (31).

Under the Social Security Contribution Levy Act, a social security tax of 2.5 per cent has been imposed on people whose annual taxable turnover exceeds Rs.120 million.

“This has made it difficult for certain export industries and those who earn foreign exchange with a small profit to maintain entrepreneurial activities. Following the reports received by the Finance Ministry in this regard, a decision was taken to amend the Act,” he said.

The minister said the amendments will be made so that some institutions and individuals can be exempted from the tax.