Sri Lanka to issue casino licences to boost tax collection
The Cabinet of Ministers of Sri Lanka has approved the issuance of casino licences to existing gaming operators.
Sri Lanka.- The government of Sri Lanka has announced it will issue casino licences with the aim of obtaining new income and boosting an economy that has been seriously affected by the Covid-19 pandemic.
According to local media reports, authorities believe that issuing casino licences will make it easier to collect taxes from the country’s casino operators.
Although the Casino Business (Regulation) Act No. 17 was passed in 2010 to introduce the issuance of licences for gambling establishments, the necessary regulations had not been published and licences have not yet been issued.
The minister of finance, economic stability and national policy will be responsible for issuing licences and collecting taxes.
The Cabinet of Ministers has approved amendments to a 1988 betting law in order to raise the annual tax on gambling companies from LKR200m to LKR500m (US$1.4m) and raise the annual levy on the gaming industry.
