Casino tax increased by 150%!
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.
- Charging a higher registration fee for casinos and a $20 fee for a Sri Lankan when entering a casino.
- Taxes for other bets and games have been increased as follows.
- For Live Betting Service Centres,
- Increasing the annual tax from Rs.600,000 to at least Rs.1 million.
- 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.