Sri Lanka’s Betting and Gaming tax law will be amended to provide more teeth for Inland Revenue Department to crack down on casinos which are evading the payment of taxes making use loopholes in the existing law, Finance Ministry sources
The tax rates pertaining to Betting and Gaming Levy have not been revised from 2015 onwards. Hence, following amendments are proposed with regard to Betting and Gaming Levy effective from January 1, 2023, Prime Ministers office announced.
Annual Levy for carrying on the business of gaming will be increased to Rs. 500 Mn from Rs. 200 Mn..
Annual Levy for betting will also be increased to Rs. 5 Mn. From Rs. 4 Mn when it is carried on through agents.
Annual levy betting is to be increased to Rs. 1 Mn from Rs. 0.6 Mn when it is carried on using live telecast facilities.
The annual levy will be increased to to Rs. 75,000. from Rs. 50,000 when betting is carried on without the use of live telecast facilities
The levy on Gross Collection of beeting centres will be increased to 15 percent from 10 percent.
In addition to the tax policy reforms, steps will be taken to strengthen revenue administration at revenue collecting agencies such as Sri Lanka Customs, Inland Revenue Department and Excise Department with the infusion of technology and rigorous tax audits, Finance Ministry sources disclosed.
