Sri Lanka lifts taxes on casinos by 150%
Sri Lanka’s Ministry of Finance has announced the annual taxes on casinos have been raised by 150 percent from 200 million rupees to 500 million ($1.4 million).
Discouraging the gambling sector by rising taxes
State Minister of Finance Ranjith Siyambalapitiya stated that the government decided to maximise its efforts in using taxes as a social guide and to “discourage the sectors that should be discouraged,” local media reports.
Siyambalapitiya added that the Betting and Gambling Levy Act will be promptly amended in order to increase taxes.
As taxes are a significant source of government finances, it is decided that every local who wishes to enter the casino and play – will be charged a high registration fee of $20.
For Live Betting Centers, the annual tax will be increased from 600,000 rupees to at least a million, while the Turnover tax has already been lifted from 10 percent to at least 15 percent, Siyambalapitiya said.
Extra 40% tax on profit or income of betting companies
At the same time, the annual tax levied on betting sub-agents will be increased from 4 million to 5 million rupees, while the annual tax imposed on non-live betting centers will be increased from 50,000 to 75,000 rupees.
The State Finance Ministry added that after imposing the above taxes, all businesses within the gambling industry would additionally be taxed 40 percent of their profits including 75 percent tax on a bottle of liquor and 85 percent tax imposed on one cigarette.
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