In a recent development, the Committee on Public Finance (COPF) has decided to delay the reviewing of the Betting and Gaming Levy (Amendment) Bill for a week. This decision comes as the committee awaits a clear timeline for the establishment of a regulatory authority for casinos.
The COPF held its first meeting of the fourth session of the ninth Parliament on Wednesday, with MP Dr. Harsha de Silva serving as the chairman. During the meeting, Dr. Harsha de Silva highlighted the importance of establishing a regulatory authority for the casino business, which had been previously discussed. The Finance Ministry had prepared a timeline for the regulatory authority, aiming to obtain cabinet approval by January 31, 2023. However, as this approval has not yet been obtained, the COPF concluded that a new timeframe needs to be established.
As a result, it was decided that the COPF will reconvene in one week’s time to consider the Betting and Gaming Levy (Amendment) Bill. This additional week will allow for the necessary preparations to be made regarding the establishment of the regulatory authority.
Furthermore, the COPF granted approval for the regulation under Appropriation Act No. 30 of 2021 during the meeting.
The Betting and Gaming Levy (Amendment) Bill, proposed by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilization, and National Policy, received Cabinet approval in March 2023. The amendment to the Betting and Gaming Levy Act, No. 40 of 1988, had initially been approved by the Cabinet in April of the previous year.
The postponement of the review signifies the importance of establishing a regulatory framework to govern the casino industry effectively. The COPF remains committed to ensuring proper oversight and regulation of betting and gaming activities in the country, considering their impact on the economy and society as a whole.
