Cabinet clears Social Security Contribution Tax (Amendment) Bill for Parliament approval 

The Cabinet of Ministers approved the proposal to publish the Social Security Contribution Tax (Amendment) Bill in the Government Gazette and submit the bill for Parliamentary approval.

On 30 January, the Cabinet officially approved the proposed amendments and directed the legal draftsman to prepare an amended bill accordingly. The diligent efforts of the draftsman culminated in the completion of the Social Security Contribution Tax (Amendment) Bill, which has now received clearance from the Attorney General.

The proposal to this effect presented by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet of Ministers on Monday.

The Social Security Contribution Tax (Amendment) Bill aims to refine the existing social security framework, addressing any identified shortcomings and introducing provisions that enhance its effectiveness. By streamlining the collection and administration of social security contributions, the proposed amendments intend to strengthen the financial stability and sustainability of the social security system, ultimately benefiting the workforce and the broader society.