Thursday Nov 14, 2024
Thursday Nov 14, 2024
Wednesday, 1 February 2023 00:23 - - {{hitsCtrl.values.hits}}
The Government has decided to revise the Social Security Contribution Levy Act to pass on incentives to deserving people.
Accordingly, the introduction of all said amendments and the preparation of a draft Bill in this regard, with the required advice for the drafting of laws, were approved by the Cabinet of Ministers at its meeting on Monday.
The Social Security Contribution Levy No. 25 of 2022 imposes a 2.5% social security levy on persons who may be subject to taxation if their annual income exceeds Rs. 120 million.
In line with the Budget proposals for the year 2023, automobiles and equipment used to meet the needs of people with disabilities that were formerly subject to the production levy under Excise (Special Provisions) Act No. 13 of 1989 have been exempted.
