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The actual value of Sri Lanka’s gaming tax contribution has decreased

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2 years ago

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The Inland Revenue Department‘s report shows that in the first quarter, betting and gaming levies in Sri Lanka increased by 42% compared to the previous year, amounting to RS1.27bn (US$3.96m). Despite the overall tax collection increasing by 216% to RS316.62bn (US$1.12bn) and an annual inflation rate of over 50%, the share of tax revenue from gambling has decreased from the previous year.

Last year, Sri Lanka’s Ministry of Finance declared that it was assigned with establishing a regulatory authority for casinos to ensure that operators pay taxes fairly. In order to increase tax revenue, the government had announced its plan to grant casino licenses to existing operators.

The Casino Business (Regulation) Act No. 17, which was passed in 2010 to introduce licenses for gambling establishments, had not yet issued regulations and licenses.

Currently, Colombo, the capital, has several operational casinos, with the most lavish ones situated there.

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