Sri Lanka Implements Social Security Contribution Levy

The Sri Lanka Inland Revenue Department has issued a Notice to Taxpayers on the implementation of the Social Security Contribution Levy Act, No. 25 of 2022. As previously reported, a 2.5% Social Security Contribution Levy was included as part of the 2022 Budget and was to apply from 1 April 2022. However, the legislation for the contribution, the Social Security Contribution Levy Act, was only recently approved in parliament and was certified on 20 September 2022. With the legislation appro…