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Casino tax increased by 150%!

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The annual tax for casinos has been increased by 150% from Rs.200 million to Rs.500 million, Finance State Minister Ranjith Siambalapitiya said in a statement.

Accordingly, the increased tax will be in force with effect from August 1.

In addition, the Betting and Gaming Levy Act has been amended with the aim of increasing taxes for the following bets and games.

  1. Charging a higher registration fee for casinos and a $20 fee for a Sri Lankan when entering a casino.
  2. Taxes for other bets and games have been increased as follows.
  • For Live Betting Service Centres,
  1. Increasing the annual tax from Rs.600,000 to at least Rs.1 million.
  2. Increasing the 10% turnover tax to at least 15%.
  • Increasing the annual tax for betting sub-agents from Rs.4 million to at least Rs.5 million.
  • Increasing the annual tax for non-live betting centres from Rs.50,000 to Rs.75,000.

An income tax of 40% is charged from the profit.

In addition to this, the taxes on liquor and tobacco will be amended as follows.

  • A minimum of 75% tax is levied on a bottle of alcohol.
  • Cigarettes are taxed at almost 85%.
  • An income tax of 40% is charged from the profits of these institutions.

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Sinopec to import and market SL products (Pics)

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Sinopec, the giant oil company with over 27,000 service stations in China, entered into an agreement with the Beijing Sri Road Connection Trade Company Limited during the Shanghai CIIE, to import and market Sri Lanka Food and Beverage products at their convenience stores. The contract is worth over USD 0.8 million.

The agreement between Sinopec and Beijing Sri Road will facilitate further expansion of Sri Lanka F & B products in the lucrative Chinese market., CEO of Beijing Sri Road Connection Trade Company Limited Chiranjaya Udumullage, and Deputy Manager of International Sales of Sinopec Wang Qian signed the agreement.

In a statement, the Embassy of Sri Lanka in Beijing notes, “This connect with Sinopec is indeed special, as this year is a significant landmark for both Sri Lanka and China. The year commemorates the 65th Anniversary of establishing bilateral diplomatic relations between the two countries and the 70th anniversary of the Rubber – Rice Pact.”

The 5th China International Import Expo (CIIE) in Shanghai was held from 5 to 10 November, 2022. There were two Sri Lankan pavilions; Food & Beverage and the Gems and Jewellery section. The China – Sri Lanka Association for Trade and Economic Cooperation voluntarily took charge and organized the Sri Lanka pavilion with the support of the Embassy of Sri Lanka and member companies of the Association and others. This is the 5th time that Sri Lanka has participated, maintaining a presence at the event. This presence is considered essential since companies which participated in the CIIE were able to achieve remarkable success with daily sales at the pavilion topping RMB 500,000 and over 160 trade inquiries.

The CIIE is the largest trade Fair in China for global companies to access the biggest consumer market in the world; the Chinese market.

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Litro to release 100,000 gas cylinders daily

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Litro Gas Company said that it would release 100,000 gas cylinders to the market daily.

Its Chairman Muditha Peiris said that gas cylinders will be released to the market without any shortage during the festive season.

He also said that a ship carrying 3,740 metric tons of gas arrived in Sri Lanka yesterday (30).

Mr. Peiris said the required amount of LP gas has been ordered to meet the increasing demand during the festive season.

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Sathosa slashes prices of 4 essential food items

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Lanka Sathosa says it has decided to reduce the prices of four essential food items with effect from tomorrow (Dec.01).

The revised prices are as follows;

  • A Kilo of Red Raw Rice has been reduced by Rs. 06 to Rs. 199
  • A Kilo of Keeri Samba has been reduced by Rs. 15 to Rs. 225
  • A Kilo of Big Onions has been reduced by Rs. 30 to Rs. 225
  • A Kilo of Sprats has been reduced by Rs. 150 to Rs. 1150

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