Speaker endorses Social Security Levy Bill

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Speaker Mahinda Yapa Abeywardena told Parliament yesterday (21) that he endorsed the certificate on 20, on the Social Security Contribution Levy Bill.

The Bill was passed by majority vote in Parliament on 8 September. Budget 2022 introduced the Social Security Contribution Levy as a measure to raise government revenue and rebuild the economy hit by the Covid-19 pandemic. This tax is imposed at the rate of 2.5 per cent on 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.