SL ready to introduce Casino Law and GRA this year
Sri Lanka Betting and Gaming Levy (Amendment) Bill and the Gambling Regulatory Authority (GRA) will regulate everything from lotteries, gambling, gaming, horse racing, betting shops as well as casinos, State Minister of Finance Dr. Ranjith Siyambalapitiya said.
He said establishing this law cannot be done in a hurry as it should cover all gaming activities. The Casino Business (Regulation) Act, No.17 of 2010, and the Betting and Gaming Levy Act, No.40 of 1988 regulate, the casino industry in the country.
“For example, gambling in Sri Lanka is regulated by an archaic law established in 1889. The perpetrators can pay Rs. 100 and get away with it. In the Betting and Gaming Levy Act, we will be extending the definition of ‘bookmaker’ to include a person receiving or negotiating bets on all types of sports events, including online betting. We will also introduce a licence fee for a bookmaker. They will have to register with the Inland Revenue Department,” Dr. Siyambalapitiya told the Business Times.
Engaging in the business of a bookmaker without a licence will be prohibited by making it a punishable offence, he added.
He said the Betting and Gaming Levy (Amendment) Bill which is expected to be submitted to Parliament soon, seeks to amend the laws related to betting and gambling, imposing fines, and regulating them.
“The Casino Regulatory Act was established in 2010. So, there are a lot of loopholes that we need to cover when establishing this authority as well as bringing amendments to the law.” He said online casinos will be made illegal.
The minister said casinos will be charged 40 per cent income tax and winnings above Rs. 500,000 will be charged 14 per cent withholding tax.
“In 2015 it was proposed to charge a fee of US $ 100 from locals who enter casinos. But it was not done for the last eight years until April this year. We have submitted an action plan to the Committee on Public Finance to increase the fee to US $ 200 over a three-year period which will enable us to earn Rs. 200 million in those three years,” he added.
He said 9,081 persons had entered casinos during the four months of February, March, April, and May and 5,381 of them are foreigners while 3,656 are locals.
There will be no limit on permits issued, he added. Currently, Colombo has five legal casinos, three of which are owned by Dhammika Perera and two by Ravi Wijeratne.
Finance Ministry officials said that the government is also considering Port City as a possible location to open a few casinos. They said the Treasury has received a few applications for casinos, which have been sent to the Inland Revenue Department for their perusal.
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