Annual taxes on casinos and betting centers increased
October 24, 2022 11:08 am
The annual taxes on Casinos have been increased from Rs.200 million to Rs. 500 million with effect from August 01, 2022, according to the State Minister of Finance, Ranjith Siyambalapitiya.
Further, annual taxes on Live Betting Centers have been increased from Rs. 600, 000 to Rs. 1 million, whilst the Turnover tax has been increased to 15%, he said.
Moreover, some other amendments have been made to the Betting and Gaming Levy Act with immediate effect in order to increase the taxes.
The relevant amendments include the imposition of high registration fee for casinos and an entrance fee of USD 200 for any Sri Lankan entering the Casino premises.
The annual tax on Betting Agents will also be increased minimally up to Rs. 5 Million from Rs. 4 Million and the annual tax on Non-Live Betting Centers will be increased from Rs. 50,000 to Rs. 75,000.
In addition, 40% of the profit will be charged from the relevant businesses after imposing the aforesaid taxes, according to the State Minister of Finance.
Further, a bottle of alcohol is taxed at a minimum of 75%, whilst 85% tax will be imposed on a cigarette.
