• Casino, gambling laws to undergo change to strengthen revenue generation and close tax loopholes 

The Ministry of Finance, Economic Stabilisation, and National Policies is to establish the Casinos and Gambling Regulatory Authority before the end of this year (2023), and following the same, many laws related to casinos and gambling are to be revised in the future.

Sources within the Legal Affairs Division in the Ministry told The Daily Morning yesterday (17) that the Ministry has reviewed all the existing laws related to the subject and that new laws will strengthen the revenue generating capacity of the country since many loopholes which permitted the business owners to not pay tax have been closed. Sources said that the Betting and Gaming Levy (Amendment) Bill, the Casino Business (Regulation) Act, No. 17 of 2010, and the Betting and Gaming Levy Act, No. 40 of 1988 will be strengthened further as per the instructions given by the President and Minister of Finance, Economic Stabilisation and National Policies Ranil Wickremesinghe. Sources said that the Cabinet of Ministers has already granted its approval to several proposals submitted by the Ministry in this regard.

However, the State Minister of Finance Ranjith Siyambalapitiya, who is in charge of this matter, was not available for comment. Speaking to the media recently, Siyambalapitiya said that the Betting and Gaming Levy (Amendment) Bill and the Gambling Regulatory Authority will regulate everything from lotteries, gambling, gaming, horse racing, betting shops as well as casinos, and that the Ministry has submitted an action plan to the Committee on Public Finance to increase the fee charged from these business owners to United States Dollars 200 over a three-year period which will enable the country to earn Rs. 200 million within the three years. He told the media that 9,037 persons had entered casinos during the four months of February, March, April, and May of this year and that 5,381 of them are foreigners while 3,656 are locals.