The Annual taxes imposed on Casino’s has been increased by 150% from Rs. 200 Million to Rs. 500 Million.
The hike in the taxes imposed on casinos is in effect from the 1st of August 2022.
The Gaming and Gambling tax was also increased, State Finance Minister Ranjith Siyambalapitiya said on Monday (24).
The State Finance Ministry in a statement said that the following amendments will be made to the Betting and Gaming Levy Tax Act No. 40 of 1988.
1. Impose a high registration fee for casinos, and impose a entrace fee of USD 20 for any Sri Lankan entering the premises.
2. Other tax amendments ;
– Live Betting Centers: Annual tax of Rs. 600,000/- will be increased to Rs. 1 Million
– Live Betting Centers: 10% tax on turnover to be increased to 15%
– Annual Tax on Betting Agents to be increased to Rs. 5 Million from Rs. 4 Million.
– Annual tax on Non-Live Betting Centers to be increased from Rs. 50,000/- to Rs. 75,000/-.
The State Finance Ministry announced that after imposing the above taxes, the said businesses will be taxed 40% of their profits.
In addition, a 75% will have to be imposed on a bottle of liquor.
An 85% tax will have to be imposed on one cigarette.