Taxes on Casinos increased by 150%, Taxes on Betting, Gambling also to be revised
The annual taxes on Casinos have been increased by 150%, 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 Centres have been increased from Rs. 600, 000 to Rs. 1 million, whilst the Turnover tax has been increased to 15%, he said.
In addition, the Betting and Gaming Levy Act will also be amended with immediate effect in order to increase the taxes.
The relevant amendments include the imposition of a 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 Centres 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.