The Ministry of Finance has announced that the annual taxes of casinos has been increased by 150%, from Rs. 200 million to Rs. 500 million.
Issuing a statement, State Minister of Finance Ranjith Siyambalapitiya said the increase in annual taxes on casinos has been imposed with effect from 1st of August 2022.
Further, he said that the Betting and Gaming Levy Act has also been amended in a bid to increase relevant taxes.
Thereby, the annual tax will be increased from Rs. 600,000 to Rs 1 million for live betting centres.
The 10% turnover tax will be increased to 15%, the Ministry of Finance added.
In addition to these, a bottle of liquor will be taxed at least 75 percent, a cigarette at least 85 percent, and finally a 40 percent income tax from those companies as well, the ministry said.(NewsNow)
