Sri Lanka to increase betting, gaming taxes; casino tax up 150%

Sri Lanka
By Editor_1

COLOMBO – Sri Lanka’s ministry of finance has announced an increase in betting and gaming taxes, upping the annual tax for casinos 150% from Rs 200 million to Rs 500 million as of August 1.

The ministry has also decided to charge an entrance fee of US$ 20 from locals who visit casinos. A higher registration fee is also on the cards.

The ministry, in a statement quoting State Minister of Finance Ranjith Siyambalapitiya, said on Monday (24) that live betting centres will now be taxed one million rupees a year, an increase of Rs 400,000 from the previous annual tax of Rs 600,000.

The 10% turnover tax will be increased to 15%, the ministry added.

Meanwhile, the annual tax of Rs 4 million on betting sub-agents has also been increased to Rs 5 million, and the annual tax on remote betting centres has been increased from Rs 50,000 to Rs 75,000.

Taxes on liquor and tobacco have also been increased, with a bottle of liquor being subjected to at least 75% tax increase and cigarette by at least 85%, A 40% income tax will be levied from those companies as well, the ministry said.

Additionally, a 40% tax will be levied from the revenue or profits of these business.

-economynext.com

Editor_1
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