The Cabinet of Ministers of Sri Lanka has approved the issuance of casino licences to existing gaming operators.<\/p>\n\n\n\n\n\n\n\n
Sri Lanka.- The government of Sri Lanka has announced it will issue casino licences<\/strong> with the aim of obtaining new income and boosting an economy that has been seriously affected by the Covid-19 pandemic.<\/p>\n\n\n\n According to local media reports, authorities believe that issuing casino licences will make it easier to collect taxes from the country’s casino operators<\/strong>.<\/p>\n\n\n\n Although the Casino Business (Regulation) Act No. 17 was passed in 2010<\/strong> to introduce the issuance of licences for gambling establishments, the necessary regulations had not been published and licences have not yet been issued. <\/p>\n\n\n\n The minister of finance, economic stability and national policy will be responsible for issuing licences and collecting taxes.<\/p>\n\n\n\n The Cabinet of Ministers has approved amendments to a 1988 betting law in order to raise the annual tax on gambling companies<\/strong> from LKR200m to LKR500m (US$1.4m) and raise the annual levy on the gaming industry.<\/p>\n","protected":false},"excerpt":{"rendered":" The Cabinet of Ministers of Sri Lanka has approved the issuance of casino licences to existing gaming operators.<\/p>\n","protected":false},"author":176,"featured_media":18167,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Sri Lanka's Cabinet of Ministers has approved the issuance of casino licenses to incumbent gaming operators, a move aimed at formalizing the sector, enhancing tax collection, and stimulating economic recovery. Concurrently, the government has sanctioned amendments to existing betting legislation, significantly increasing the annual tax levy on gambling companies from LKR200m to LKR500m.","focusai_entities":"Cabinet of Ministers of Sri Lanka, Minister of Finance, Economic Stability and National Policy","focusai_location":"Sri Lanka","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.9), operator_casino (0.95), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"What are license terms?","query":"What specific regulatory conditions, beyond the increased tax levy, will be imposed on existing casino operators under the new licensing framework in Sri Lanka?"},{"label":"Impact on GGR?","query":"How is the Sri Lankan government projecting the impact of formalised licensing and increased taxation on the Gross Gaming Revenue (GGR) and Net Gaming Revenue (NGR) contributions from the casino sector to the national economy?"}],"footnotes":""},"categories":[156,158,16334],"tags":[23911],"class_list":["post-31553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-news","category-slider-home","category-south-asia-news","tag-gambling-regulation"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=31553"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31553\/revisions"}],"predecessor-version":[{"id":31594,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/31553\/revisions\/31594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18167"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=31553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=31553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=31553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}