The annual tax charged from casinos has been more than doubled from Rs. 200 million to Rs. 500 million with effect from August 01.

In addition, the Betting and Gambling Act will be amended with the aim of increasing taxes.

Accordingly, after the amendment, a high registration fee will be charged for casinos and a 200 USD fee will be charged for a local to enter a casino.

Taxes for other betting and gambling will also be increased, the State Finance Ministry said.

The annual tax for live betting centres will be increased to Rs. one million from Rs. 600,000 while turnover tax will be increased from 10% to 15%.

The annual levy for betting sub-agents will be increased from Rs. 4 million to Rs. 5 million and the annual tax for non-live betting markets will be increased from Rs. 50,000 to Rs. 75,000.

Also, an income tax of 40% will be charged on the income or profit of those businesses.

In addition, 75% tax is being charged from a bottle of alcohol and nearly 85% tax is levied on cigarettes.

The State Finance Ministry said that an income tax of 40% is charged from the profit of those institutions.

 

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