Sri Lanka to advance with creation of casino regulatory authority

Sri Lanka has decided to go ahead and create a dedicated casino regulator.

Sri Lanka.- The finance ministry has been tasked with drawing up an action plan to create a casino regulator as the country aims to keep better tabs on whether its current licensees are paying correct taxes. Sri Lanka’s Committee on Public Finance had proposed the move in order to clarify rules for the sector.

The government had previously announced that it would issue casino licences to existing casino operators in order to raise taxes. The Casino Business (Regulation) Act No. 17 was passed in 2010 to introduce licences for gambling establishments, but regulations and licences had still not been issued.

At a meeting yesterday (November 30), the Committee on Public Finance noted that while the 2010 law provides the necessary legal provisions for casino operations, it doesn’t cover regulatory activities, including taxation, which would require the creation of an agency. Authorities believe casinos owe around $7.4m in taxes.