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The controversial Social Security Contribution (SSC) levy came into effect this week with 2.5 percent slapped on turnover on a wider base of businesses with annual taxable turnover exceeding Rs.120 million as the bill was passed in Parliament last week. The SSC is an indirect tax charged on turnover and thus has a cascading effect where the tax on tax is paid on every step of the sale of a good or service with the final burden being fell squarely on the end consumer, at a much higher scale than what the tax percentage suggests.
Controversial Social Security Contribution levy comes into effect
