News
Social Security Contribution Levy Bill passed
08 Sep, 2022
The Social Security Contribution Levy Bill was passed by Parliament today, with amendments.??
Several MPs were not in Parliament at the time of the vote.
The Bill was passed during the second reading with 91 MPs voting for and 10 against it.
The Bill was passed with amendments during the third reading, without a vote.
The Social Security Contribution Levy Bill was introduced as a measure to raise government revenue and rebuild the economy hit by the Covid-19 pandemic.
This tax is levied at the rate of 2.5 percent upon the annual turnover is Rs. 120 million on taxable turnover of importers, manufacturers, service providers and wholesale traders and retailers.
Budget 2022 introduced the Social Security Contribution Levy Bill as a measure to raise government revenue and rebuild the economy hit by the Covid-19 pandemic.
This tax is levied at the rate of 2.5 percent upon the annual turnover is Rs. 120 million on the taxable turnover of importers, manufacturers, service providers, and wholesalers, and retailers. (Colombo Gazette)
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