Sri Lanka to increase betting, gaming taxes; casino tax up 150 percent

ECONOMYNEXT – Sri Lanka’s ministry of finance has announced an increase in betting and gaming taxes while the annual tax for casinos has been increased by 150 percent from 200 million rupees to 500 million as of August 01.

The ministry has also decided to charge an entrance fee of 20 US dollars from locals who visit casinos. A higher than before registration fee is also on the cards.

The ministry said in a statement quoting State Minister of Finance Ranjith Siyambalapitiya on Monday October 24 that live betting centres will now be taxed 1 million rupees a year, an increase of 400,000 from the previous annual tax of 600,000 rupees.

The 10-percent turnover tax will be increased to 15 percent, the ministry said.

The annual tax of 4 million rupees on betting sub-agents has been increased to 5 million rupees.

For betting centres that are not live, the annual tax has been increased from 50,000 rupees to 75,000.

After all these taxes, a 40 percent tax will be levied from these business’ revenue or profits.

In addition to these, a bottle of liquor will be taxed at least 75 percent, a cigarette at least 85 percent, and finally a 40 percent income tax from those companies as well, the ministry said. (Colombo/Oct24/2022)