Social Security Contribution Levy Bill to Parliament shortly

The Government will shortly present to Parliament the Social Security Contribution Levy Bill which will introduce a 2.5% levy as proposed in Budget 2022 on firms with an annual turnover exceeding Rs. 120 million.

The Bill was given Cabinet approval earlier this month and has been published in the Gazette prior to its tabling in Parliament.

The levy will be imposed on importers, manufacturers, service providers, wholesalers and retailers and will be charged for every quarter on or after 1 July, in respect of the liable turnover.

The taxable persons will be registered with the Inland Revenue Department not less than 15 days after the Bill comes into operation.