The Cabinet of Ministers approved on Monday (30 Jan.) several amendments to the Social Security Contribution Levy Act No. 25 of 2022 (SSCL Act). This includes the introduction of the amendments and the preparation of a draft Bill, with the required advice for the drafting of laws.
As per the SSCL Act, anyone running a financial services business with an annual taxable turnover of Rs. 120 million or more is required to pay a 2.5% social security tax.
Furthermore, the proposals for the 2023 Budget have excluded automobiles and equipment used for the aid of disabled persons from the social security tax.
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