PARLIAMENT

The Social Security Contribution Levy Bill was passed by a majority of 81 votes following a debate in Parliament today (08).

Hon. Anura Dissanayaka, the leader of the National People's Power, called for a division at the end of the second reading. Following the vote, 91 votes were cast in favor and 10 were cast against the Second Reading.

Amendments to the Bill were incorporated at the committee stage, and the third reading was passed without a vote.

Budget 2022 introduced the Social Security Contribution Levy as a measure to raise government revenue and rebuild the economy which was hit by the Covid-19 pandemic. The tax is imposed upon an annual turnover is Rs. 120 million 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.

The Bill was published in the Gazette on the 21st June 2022 and was tabled in Parliament on 06th July 2022 by the Hon. Minister of Finance. The tax is levied at the rate of 2.5 percent on the turnover of importers, manufacturers, service providers and wholesalers and retailers with an annual turnover of more than 120 million.

Below is the link to the Bill.
http://documents.gov.lk/files/bill/2022/7/219-2022_S.pdf

In addition to the above, two Industrial Disputes (Amendment) Bills (130 & 132) and the Termination of Employment of Workmen (Special Provisions) (Amendment) Bill was passed without debate this morning.