Sri Lanka’s Betting and Gaming levy to be increased

Sri Lanka’s Betting and Gaming tax law will be amended to provide more teeth to the Inland Revenue Department to crack down on casinos which are evading the payment of taxes using loopholes in the existing law, Finance Ministry sources said.

The tax rates pertaining to Betting and Gaming Levy have not been revised from 2015 onwards. Hence, following amendments are proposed with regard to Betting and Gaming Levy effective from January 1, 2023, the Prime Minister’s office announced.
 

The Annual Levy for carrying on the business of gaming will be increased to Rs. 500 million from Rs. 200 million

Annual Levy for betting will also be increased to Rs. 5 million from Rs. 4 million when it is carried out through agents.

Annual levy betting is to be increased to Rs. 1 million from Rs. 0.6 million when it is carried on using live telecast facilities.

The annual levy will be increased to to Rs. 75,000 from Rs. 50,000 when betting is carried on without the use of live telecast facilities

The levy on Gross Collection of betting centres will be increased to 15 per cent from 10 per cent.

In addition to the tax policy reforms, steps will be taken to strengthen revenue administration at revenue collecting agencies such as Sri Lanka Customs, Inland Revenue Department and Excise Department with the infusion of technology and rigorous tax audits, Finance Ministry sources disclosed.(Bandula)