Sunday Sep 22, 2024
Sunday Sep 22, 2024
Wednesday, 12 June 2024 00:04 - - {{hitsCtrl.values.hits}}
The Committee on Public Finance (CoPF) recently revealed that despite legal prohibitions, online casinos continue to operate openly in Sri Lanka, depriving the Government’s revenue without facing any repercussions.
During a CoPF meeting chaired by MP Dr. Harsha de Silva last week, it was highlighted that the unregulated status of online casinos allows them to flourish without contributing the due taxes to the Government coffers.
Dr. de Silva instructed that a letter be sent to the Finance Minister, urging immediate attention to this issue.
The meeting underscored the necessity of establishing a Casino Regulator to address these challenges.
Officials from the Finance Ministry and the Central Bank concurred that a regulatory body could resolve many of the issues related to the casino industry, ensuring proper revenue collection and enhancing investor confidence.
The Chair directed the officials to expedite the implementation of the necessary laws to establish a regulatory authority, which is crucial for attracting foreign investors and securing the Government’s rightful revenue from the casino business.
Following these discussions, the CoPF reviewed and approved regulations under Section 4 read with Section 3 of the Casino Business (Regulation) Act No. 17 of 2010, and an order under the same sections of the act.
Additionally, the Committee approved the Notification under Section 27 of the Welfare Benefits Act, No. 24 of 2002.
The meeting was attended by State Minister Dr. Suren Raghavan and Members of Parliament Nimal Lanza, Mayantha Dissanayake, Chandima Weerakkody, Dr. Nalaka Godahewa, Harshana Rajakaruna, and Madhura Withanage.
