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Friday September 30th, 2022

Sri Lanka parliament speaker endorses social security contribution levy bill

Speaker Mahinda Yapa Abeywardena – Image credit: parliament.lk

ECONOMYNEXT – Sri Lanka Speaker of Parliament Mahinda Yapa Abeywardena has endorsed a recently passed Social Security Contribution Levy Bill.

Abeywardena told parliament on Wednesday September 21 that he placed his signature on the certificate the previous day.

This bill was passed by majority vote in Parliament on September 08. The levy was first announced in the budget for 2022 in a bid to raise government revenue after the economy was hit by the COVID-19 pandemic.

“This tax is imposed at the rate of 2.5 percent on the importers, manufacturers, service providers and wholesalers and retailers with an annual turnover of more than 120 million. The expected revenue from this tax per year is 140 billion rupees,” a statement from parliament said.

The bill will come into force as the Social Security Contribution Levy Act No. 25 of 2022, the statement said. (Colombo/Sep21/2022)

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