Sri Lanka Cabinet of Ministers Creates a Gambling Regulatory Authority
LISTEN TO THIS ARTICLE:Sri Lanka is looking to improve its gaming regulations in order to reduce illegal gambling and tax evasion. As such, the country’s Cabinet of Ministers has approved the creation of a new Gambling Regulatory Authority.
The new gambling regulator will oversee the industry and be in charge of revenue collection and the development of gambling in Sri Lanka.
The Gambling Regulatory Authority was created after ministers voted on a bill that was submitted by President Ranil Wickremesinghe earlier this week. The bill also contained rules that will govern the gambling industry in the country.
The bill calls for the creation of a gambling framework that not only includes information on taxes, but will also work to reduce illegal activities and minimize gambling harms.
Not all elements of the bill have been finalized. There are still discussions regarding how long a license will last. Some reports suggest that it could be as long as 20 years. Casinos will be taxed 40% of their profits and a license is likely to cost $1.3 million.
These changes would apply to Sri Lanka’s five casinos and the country is hoping to attract more operators. The creation of a Gambling Regulatory Authority has been a long time coming. Talks started last year and it was only last year that the country set about issuing licenses to its casinos in order to collect unpaid taxes.
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