Notice to tax payers Calculation of Value Addition of Financial Services -SSCL (dated- 18-11-2022)-Inland Revenue Department

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Notice to tax payers Calculation of Value Addition of Financial Services -SSCL (dated- 18-11-2022)-Inland Revenue Department

– Social Security Contribution Levy shall be paid by any person carrying on the business of supplying financial services on the liable turnover specified in the Second Schedule of the Social Security Contribution Levy Act, No. 25 of 2022 (SSCL Act) at the rate of 2.5%. As per sub item (a) of item 3 of Second Schedule to the SSCL Act, SSCL is payable on 100% of the Value Addition attributable to financial services referred to in section 3(2)(c)(i).

– The Value Addition attribution to financial services shall be computed for the payment of SSCL on the business of supplying financial services by applying the attributable method referred to in Chapter IIIA of the Value Added Tax Act, No. 14 of 2002, refer attachment for further details.