This article is prepared based on the Bill issued on Social Security Contribution Levy on 17.06.2022 (Publishing date : 23.06.2022)
Effective Date :The Social Security Contribution Levy shall come into operation on the First day of July 2022.
Persons to whom this Act applies : Importers, Manufacturers,Service providers and Wholesalers and Retailers
Registration Requirement :
Rate :2.5% on liable turnover
Liable Turnover :
Person | Liable Turnover |
Importers | 100% of the Turnover |
Manufacturers | 85% of the Turnover |
Service providers | |
| 100% of the Value addition attributable to financial services |
| 100% of the turnover |
| 100% of the turnover |
Wholesalers and Retailers | |
| 25% of the turnover |
| 50% of the turnover |
Accounting basis : Every registered person shall account for levy on an accrual basis
Payment : Pay the levy payable by such person on or before the 20th day of the immediately succeeding month of the relevant month of that quarter to the Commissioner-General, in such manner as may be specified by him.
Ex : SSCL for the month of July 2022 should be paid on or before 20th August 2022.
Return to be furnished :Every registered person shall furnish to the Commissioner-General a return either in writing or by electronic means for every quarter on or before the 20th of the month after the end of each relevant quarter. Every such return shall be in the form specified by the Commissioner-General.
Ex : SSCL Return for the Quarter ended 30th September 2022 is due on 20th October 2022
CA Sri Lanka Podcast on Social Security Contribution Levy