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The new social security tax of 2.5% has been implemented from today (01).
The Ministry of Finance introduced the social security contribution tax in the 2022 budget as a measure introduced with the aim of increasing government revenue and rebuilding the economy affected by the Covid 19 pandemic.
The annual turnover is Rs. The tax is to be levied at the rate of 2.5% on the taxable turnover of importers, manufacturers, service providers and wholesalers and retailers exceeding Rs 120 million.
