Social Security Contribution Levy comes into effect today

2022-10-01 14:18:07

Social Security Contribution Levy comes into effect today
Social Security Contribution Levy, which was passed in the parliament with amendments will be effective from today (October 01).

The Social Security Contribution Levy Bill was introduced in the 2022 Budget, tas a measure to raise government revenue and rebuild the economy hit by the Covid-19 pandemic.

The tax is imposed upon an annual turnover of Rs. 120 million or more at the rate of 2.5 percent on taxable turnover of importers, manufacturers, service providers and wholesalers and retailers.

The expected revenue from this tax per year is Rs. 140 billion.

This bill was passed by majority of 81 votes in Parliament on 08th September.

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