The Social Security Contribution Levy (SSCL) will come into effect from today, 1st October 2022.
Earlier this month, the Social Security Contribution Levy Bill was passed in Parliament with Amendments and a majority of 81 votes.
Speaker Mahinda Yapa Abeywardena endorsed the certificate on the Social Security Contribution Levy Bill last week (21).
The 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 importers, manufacturers, service providers, wholesalers, and retailers with an annual turnover of more than Rs. 120 million. The expected revenue from this tax per year is Rs. 140 billion.
The Parliament of Sri Lanka said the Bill will come into force as the Social Security Contribution Levy Act No. 25 of 2022. (NewsWire)
