Sri Lanka increases annual casino taxes by 150% to $6 million

Annual taxes on Sri Lanka casinos have been increased from Rs. 200 million ($2.4 million) to Rs. 500 million ($6 million). The change was announced by State Minister of Finance Ranjith Siyambalapitiya in a new statement made Monday, and applies from past August 1 onwards.

Additionally, a new amendment to the Betting and Gaming Levy Tax Act No. 40 calls for an increased entrance fee of $20 for any Sri Lankan entering casino premises. A higher registration fee is also on the cards.

Siyambalapitiya told local media that the high spike in taxes – with annual casino taxes hiking 150% – is expected to discourage the proliferation of casinos in the country, reports Economy Next.

Moreover, Live Betting Centers will see their annual tax increased to Rs. 1 million ($12,076), and the current 10% tax on turnover increased to 15%. Betting agents will see their annual tax increased to Rs. 5 Million ($60,384) from Rs. 4 million; while the annual tax on non-live betting centers will increase from Rs. 50,000 to Rs. 75,000 ($905).

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