Press briefing of Cabinet Decision taken on 2022-06-13

Social Security Contribution Levy Bill

- The proposal for the introduction of a Social Security Fund through Budget Proposals - 2022 was passed by Parliament. Accordingly, it has been decided to introduce the Social Security Contribution Levy as a new Levy under a rate of 2.5% for Importers, Manufacturers, Service providers, Wholesalers and Retailers whose turnover exceeds Rs. 120 million per year. The draft prepared by the Legal Draftsman for the purpose has been received the clearance of the Attorney General. As such, the proposal made by the Hon. Prime Minister in his capacity as the Minister of Finance, Economic Stabilization and National Policies to publish the said bill in the Government Gazette and submit the same, thereafter in Parliament for approval, was approved by the Cabinet.