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Social Security Contribution Tax Bill

Published:

A resolution presented in the 2022 Budget Proposals to introduce a Social Security Fund, was passed by Parliament.

This resolution introduces 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. 

Cabinet approval was granted for the said proposal submitted by the Prime Minister to be published in the Government Gazette.

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