Social Security Contribution Levy is NBT in different name: Vijitha

8 September 2022 05:39 pm Views - {{hitsCtrl.values.hits}} 3 Bookmark

A A A

The Social Security Contributions Levy is the reintroduction of the Nation Building Tax (NBT) in a different name, National People's Power (NPP) MP Vijitha Herath said today.

He told Parliament that this tax was introduced by former Finace Minister Basil Rajapaksa when the Value Added Tax (VAT) was 8%.

He said there was no authenticity to introduce this tax now as the VAT was increased to 15% from the interim budget.

"When this new tax of 2.5% was imposed, total tax amount will increase to 20 to 21%. This is a tax upon tax, and it is against the tax policy," he said.

MP Herath said the software developed by the Inland Revenue Department with the assistance of a Singapore Company at a cost of Rs. 5 billion to be used for NBT is not compatible with the new tax.

He said an additional Rs. 2 billion will have to be used to develop a software for this new tax. (Ajith Siriwardana and Yohan Perera)

Comments - 3

Clamer Thursday, 08 September 2022 06:16 PM

This is akin to a tax surcharge. It is quite commonly used in other jurisdictions for limited duration specific purpose revenue raisings. The frogs in the well should jump outside of it and glean some knowledge from the outside world, without trying to make a mighty big drama out of it, obviously for dubious political reasons.

0 0

Anura Nanayakkara Friday, 09 September 2022 08:20 AM

This is typical of JVP politicians who have a very restricted understanding about the out side world. They just jump up and down shouting slogans with vested narrow political gain .

0 0

Hoping to retire in few years Friday, 09 September 2022 09:59 PM

What is 2 Billion. The Central Bank can create that in an instant with it's money printing. Our Central Bank is all about giving haircut cut to EPF holders, where it can cut out 20 billion or 200 billion easy. I'll be a pauper then, with no EPF, because this top terrible official called governor is planning on too much dirty haircuts. Only JVP/JJP is standing up and speaking about these. SJB only say, we want to be all party government, and refuse to object to any government measure. They even speak highly of the despicable CB Governor. I never in my life ever voted JVP, but the way things are going I might need to next time.

0 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.