GGRAsia – Sri Lanka to issue casino permits, eyes increase in tax rev

Sri Lanka’s Cabinet of Ministers approved this week the issuing of casino licences to the existing gaming operators in the country, according to media reports. The licences will be generated under the terms of the Casino Business (Regulation) Act No. 17 of 2010.

Though legislation regulating casinos was passed in 2010, requiring gaming establishments to be issued licences, the necessary regulations were yet to be published and permits had not been issued. According to a government statement, quoted by local media outlets, the issuance of licences will make it easier to collect taxes from the country’s casino operators.

The Cabinet of Ministers approved the proposal submitted by the country’s Prime Minister. The Minister of Finance, Economic Stability and National Policies will be tasked with issuing the permits and recover taxes due to the government.

The government has also proposed increasing the annual levy imposed on gaming businesses to LKR500 million (US$1.4 million), from the current LKR200 million, and to increase the annual levy on the betting industry.

In order to implement these tax changes, the Cabinet also agreed to amendments to the Betting and Gaming Levy Act No. 40 of 1988, the statement said.