Social Security Contribution Levy Bill passed in Sri Lanka Parliament with amendments

The second reading of the Social Security Contribution Levy Bill has been passed in the parliament with a majority of 81 votes with 91 voting in favour and 10 voting against the bill.

At the third reading or the committee stage of the Bill, the Social Security Contribution Levy Bill was passed with amendments.

The debate on the Social Security Contribution Levy Bill was taken up for debate in the parliament today (September 08).

In Budget 2022, 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.

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