New Social Security Contribution Levy comes into effect soon
View(s):A new Social Security Contribution Levy (SSCL) is to be imposed on importers, manufacturers, service providers, wholesale traders or retailers after the enactment of the relevant bill in Parliament soon.
The Bill governing the imposition and administration of the Social Security Contribution Levy (SSCL) was published in the Gazette on June 21 following its approval by the cabinet recently.
A 2.5 percent of the liable turnover of importers, manufacturers, service providers, wholesale traders or retailers except some special categories will be charged under the SSCL, provisions of the bill indicated.
A few selected tax exemptions will be given for any article exported by the manufacturer, any item not being a plant, machinery or fixture imported by any person exclusively for the use in, or for, the manufacture of any item for export, fertiliser, petroleum and petroleum products, and LP Gas.
According to the provisions of the bill the relevant companies whose aggregate turnover exceeds Rs. 120 million within the 12-month period immediately prior to the date of the operation of the Act and companies with the aggregate turnover for a quarter exceeds or is likely to exceed Rs. 30 million are liable to pay this levy.
The Commissioner General of Inland Revenue (CGIR) has the power to exclude turnover from a single isolated transaction in calculating the total turnover for registration threshold.
Every taxable person who meets the registration threshold, other than an importer, is required to be registered by making an application to the CGIR in the specified form, not later than 15 days from the date of the operation of the Act or not later than 15 days from the date on which it exceeds or is likely to exceed the quarterly registration threshold.
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