Sri Lanka Govt Records 43% Increase in Betting and Gaming Levy in Q1 2023

Sri Lanka government recorded a 43% increase in the betting and gaming levy during the first quarter of the year, annually, even as tax collections by the Inland Revenue Department rose a record 216%, to RS316.62 billion ($1.12 billion).

In total, the country brought in some RS1.27 billion ($3.96 million) in gaming taxes during the period.

The nation’s Ministry of Finance notified at the end of last year that it had been tasked to submit an action plan to set up a casino regulatory authority, aimed at ensuring casino operators pay their fair share of tax.

The country has also agreed to issue new casino licenses.

The new casino regulatory body would go in line with a 2010 law that provides “the necessary legal provisions for the casino business [but] is not sufficient for regulatory activities including revenue recovery”.

No timeline has yet been given on the submission of the action plan for creating the watchdog.

Sri Lanka has dozens of operating casinos, the most opulent of which are placed in the capital of Colombo.