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* Social Security Contribution Levy comes into force
Wed, Sep 21, 2022, 10:28 am SL Time, ColomboPage News Desk, Sri Lanka.

Sept 21, Colombo: Speaker Hon. Mahinda Yapa Abeywardena announced to Parliament today (21) that he endorsed the certificate yesterday (20) on the Social Security Contribution Levy Bill.

This bill was passed by majority vote in Parliament on 08th September.

Budget 2022 introduced the Social Security Contribution Levy as a measure to raise government revenue and rebuild the economy which was hit by the Covid-19 pandemic.

This tax is imposed at the rate of 2.5 percent on the importers, manufacturers, service providers and wholesalers and retailers with an annual turnover of more than 120 million. The expected revenue from this tax per year is Rs. 140 billion.

Thus, this Bill will come into force as the Social Security Contribution Levy Act No. 25 of 2022.

 

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