Govt. to revise down SSCL threshold to Rs.60mn from Rs.120mn

The Cabinet of Ministers has given its approval to amend the Social Security Contribution Levy Act No. 25 of 2022 to revise down the threshold of the Social Security Contribution Levy (SSCL) to Rs.60 million from Rs.120 million a year.
The Department of Government Information said this will come into effect from January 1, 2024.
The draft bill, prepared by the Legal Draftsman in this regard, has received clearance from the Attorney General. 
The proposal in this regard was submitted for the approval of the Cabinet of Ministers by President Ranil Wickremesinghe, who serves as the Minister of Finance, Economic Stabilisation, and National Policies.

Accordingly, the Cabinet of Ministers granted its approval to publish the draft bill in the government gazette as a notification and present it to the parliament for its approval.
The Bill governing the imposition and administration of SSCL was published in the Gazette on 21 June 2022. The SSCL is a new tax proposed in the Budget 2022. 
The rate of SSCL is 2.5 percent and is charged on the turnover.