New 2.5% Social Security Fund tax introduced | Daily News

New 2.5% Social Security Fund tax introduced

The Government has decided to introduce a Social Security Fund by imposing a new 2.5 percent tax on importers, manufacturers, service providers, wholesalers and retailers whose total turnover exceeds Rs.120 million per annum.

The proposal was first introduced through the 2022 Budget. Parliament has passed a resolution in the 2022 Budget proposals to introduce a Social Security Fund. It was decided to introduce a new tax at the rate of 2.5% for importers, manufacturers, service providers, wholesalers and retailers whose total turnover exceeds Rs.120 million per annum.

The Attorney General’s clearance has been received for the Bill prepared by the Legal Draftsman for this levy.

The proposal made by the Prime Minister in his capacity as the Finance, Economic Stabilisation, and National Policies Minister to publish the said Bill in the Government Gazette and submit the same thereafter in Parliament for approval, was approved by the Cabinet of Ministers on Monday.


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