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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.

BIZ

Sathosa reduces prices of 10 items!

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In order to provide relief to the people, Lanka Sathosa has reduced the prices of 10 essential items with effect from today (24).

The revised prices;

Dry Chillies 1kg – Rs: 1,380
Garlic 1kg – Rs: 450
Sprats 1kg – Rs: 1,100
Chickpea 1kg – Rs: 555
Samba Rice (Local) 1kg – Rs: 199
Canned Fish 425g – Rs: 520
Big Onion 1kg – Rs: 119
Potatoes (local) 1kg – Rs: 270
White sugar 1kg – Rs: 210
Watana 1kg – Rs: 298

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BIZ

Sri Lankan rupee appreciates further

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The Sri Lankan Rupee (LKR) further appreciated against the US Dollar (USD) today.

Announcing the official exchange rates, the Central Bank of Sri Lanka (CBSL) declared the buying rate as Rs. 311.26 per USD and the selling rate as 328.60 per USD.

Meanwhile, the Middle Rate of the USD/LKR SPOT exchange rate stood at Rs. 317.31 today.

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Milk Powder prices slashed

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Milk Powder importers have decided to reduce the price of imported milk powder products due to a drop in prices in the global market.

Accordingly, the price of a 1Kg and 400g packet of imported milk powder will be reduced by Rs. 200/- and Rs. 80/- respectively.

The price revision will be in effect from next Monday.

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