Tuesday Dec 31, 2024
Tuesday Dec 31, 2024
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| Minister Bandula Gunawardena |
The Cabinet of Ministers at its meeting on Monday approved enforcement of smart regulations concerning casinos, betting and gaming industry to boost tourists and tax revenue.
The need to streamline the casino industry was discussed at the meeting based on a proposal by the Prime Minister as the Minister of Finance, Economic Stability and National Policies.
It was decided to issue orders under the casino business (Regulation) Act No. 17 of 2010 with the intention of regularising such industries and recovering levies due for the Government, and to take measures to introduce appropriate amendments to the Betting and Gaming Levy Act No. 40 of 1988.
Cabinet co-spokesman Minister Bandula Gunawardena told journalists at the post-Cabinet meeting media briefing that the move will help lure more tourists coming for entertainment whilst increasing tax revenue.
The Government said provisions have been imposed by casino business (Regulation) Act No. 17 of 2010 and the Betting and Gaming Levy Act No. 40 of 1988 for regularising the casino industry in Sri Lanka. Licenses should be given to maintain casino businesses within Sri Lanka by Act No. 17 of 2010 but no provisions to empower the act have been issued up to date and no casino industry has been issued licenses under the act.
Under such circumstances, the Government said it has been difficult to recover relevant levy from either of the entities engaged in casino industry. The cabinet decision on Monday will address the anomaly, Minister Gunawardena added.
Recently the Government announced that annual levy for carrying on the business of gaming will be increased to Rs. 500 million from Rs. 200 million. Annual Levy for betting will also be increased to Rs. 5 million from Rs. 4 million when it is carried out through agents.
Annual levy betting is to be increased to Rs. 1 million from Rs. 0.6 million when it is carried out using live telecast facilities. The annual levy will be increased to Rs. 75,000 from Rs. 50,000 when betting is carried on without the use of live telecast facilities. The levy on gross collection of betting centres will be increased to 15% from 10%.
