Rice production exempted from Social Security Contribution Levy

The Government yesterday said there will be no Social Security Contribution Levy imposed on purchasing of paddy, production, and sale of rice.

A proposal by President Ranil Wickremesinghe as the Minister of Finance was approved by the Cabinet of Ministers on Monday to amend the Social Security Contribution Levy Act exempting the tax to encourage local rice producers.

Currently, 2.5% or Rs. 7-8 is being charged for a kilogram of rice produced with the aforementioned tax.

The Cabinet of Ministers also approved the purchasing of a kilogram of Nadu for Rs. 100 from farmers to be distributed to low-income families free of charge.