Cabinet approval has been granted to publish a Gazette notification on the Social Security Contribution Tax Bill.
Parliament passed a resolution in the 2022 budget proposals to introduce a Social Security Fund.
It was decided to introduce a new tax at the rate of 2.5% for importers, manufacturers, service providers, wholesalers, and retailers whose total turnover exceeds Rs. 120 million per annum.
The government said the Attorney General’s clearance has been received for the bill prepared by the draftsman for this purpose.
Thereby, Cabinet approval was given for the proposal submitted by the Prime Minister in his capacity as the Minister of Finance to publish the Bill in the Government Gazette.
The Cabinet also instructed for the Bill to thereafter be submitted to Parliament for approval. (NewsWire)