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Sri Lanka`s murky casino taxes stir controversy


Saturday, 20 July 2013 - 8:13 PM SL Time

Lankan News

Sri Lanka`s main opposition has slammed proposed tax breaks for casinos to be operated by James Packer`s Australia based Crown group and said the plans will be opposed in parliament.

Sri Lanka`s investment promotions ministry published a preliminary notice on tax breaks for Lake Leisure Holdings, where Packer`s Crown group is expected to invest and another project by Colombo-based John Keells Holdings.
The notices appeared to show that different tax regimes will apply to the two projects.

`The regulations issued by gazette providing tax relief are not the same for the two companies,` legislator Harsha de Silva from the opposition United National Party told reporters following a government notice on proposed tax breaks for the two projects.

`For John Keells the (income) tax relief is only for the hotel and other services and not for the casino. I commend the stand taken by John Keells for refusing to a tax free casino. I think that is bigger corporate social responsibility than anything else.

The proposals published under Sri Lanka`s strategic investment law for large projects have to be approved by the cabinet of ministers and presented to parliament.

The government notice specifically mentioned that no corporate income tax breaks will be given to profits from a casino if John Keells Holdings starts one, but made no mention of an existing 5 percent flat tax set by betting and gaming levy law for gaming revenues.

In the case of Lake Leisure Holdings, a firm where Packer is expected to invest, the betting and gaming levy would apply but there was no mention of corporate tax for casino profits, except for a blanket exemption for profits of the entire businesses.

The strategic investment law was changed this year to allow it to exempt a company from the betting and gaming levy.

But it is not clear yet whether the JKH`s planned casino will or will not pay the betting and gaming levy and that the casino in Packer`s project will only pay gaming levy. Packer`s partner Sri Lankan partner Ravi Wijeratne has said that he will shift his casino there.

The details are expected to be made known to parliament later. Specific information on the projects have been hard to come by though casino regulation law was presented to parliament as far back as 2010, where rules are expected to set for a licensing.

Sri Lanka`s investment promotion minister Lakshman Abeywardene has said earlier that Sri Lanka could change the taxes later.

`The UNP does not say no to everything,` de Silva said

`We all want a better future for the people of this country. If in the process the government has to give some tax concessions to some investors we can debate in it parliament.

De Silva said Sri Lanka had very high taxes on food and it was not equitable to give tax breaks to people who were making money `hand over fist`.

Analysts have warned that a self-sufficiency drive which had its origins in the nationalist autarkist ideology of German `historical school` economists that created malnutrition in the country and would have negative effects of the poor and their children in particular.

De Silva said Macao made 43 billion dollars in gaming with a tax close to 40 percent of casino revenues. Macao however does not have corporate tax on casinos.
`Look at Singapore 22 percent tax plus corporate income tax of 17 percnet. Look at Philippines up to 27 percent tax and they introduced in April a 30 percent tax. Las Vegas, a 35 percent tax on casinos.`

Taiwan is planning to start casinos with a 13 percent tax. Sri Lanka has proposed only a 5 percent tax on gaming revenues.



Source(s)
• Associated Press

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AnuD
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LK Information  20 Jul 2013 13:40:59 GMT  Report for Abuse  
Sri Lanka is a RELIGIOUS STATE.

BUDDHIST STATE would have never earned money this way.

Sri Lanka earns money SELLING LIQUOR LICENCES,GAMBLING, KILLING ANIMALS and....CORRUPTIONS and NARCOTIC... all because by POLITICIANS.

Besides, SRI LANKA has sold even their WOMEN to MIDDLE EAST for MONEY.
tigeress19
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LK Information  20 Jul 2013 15:51:10 GMT  Report for Abuse  
That's very nice you of anud for a change....admitting is the first step...towards civilisation....you have attained 25% of that whole chunk...

the things that you mentioned and the status of the present day Sinhala society is the manifestation born out of tamil sin...

it will kill the society if your leaders continue in this path...

you cant fight for the wrong...

selling and buying are done in order to make money...money for survival...

but what to sell and buy??

your politicians are selling your society in the name of you, and saying they are protecting your society and its values...




Edited By - tigeress19 - 20 Jul 2013 15:58:00 GMT
p007
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LK Information  20 Jul 2013 16:25:27 GMT  Report for Abuse  
Sri Lanka earns money SELLING LIQUOR LICENCES,GAMBLING, KILLING ANIMALS and....CORRUPTIONS and NARCOTIC... all because by POLITICIANS.


And what is the BBS doing about it? Are they so busy attacking mosques and Muslim business establishments, burning lorries used for transporting beef and demanding a ban on Muslim women's dress that they cannot see the flagrant violation of Buddhist Precepts by the Govt?
AnuD
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LK Information  20 Jul 2013 16:47:20 GMT  Report for Abuse  
And what is the BBS doing about it? Are they so busy attacking mosques and Muslim business establishments, burning lorries used for transporting beef and demanding a ban on Muslim women's dress that they cannot see the flagrant violation of Buddhist Precepts by the Govt?


ISLAM is busy in converting Sri Lanka into a ISLAMIc country.

BBS is doing it because the govt did not take the necessary steps.

Every inch of Sri Lanka was a buddhist country. What did the govt do in order to protect the heritage, NOTHING.

Now, muslims are buying lands and build mosques every where.

Every thing in the name of DEMOCRACY.

Politicians just for greed SACRIFICED THE NATION AND THE SINHALA COUNTRY.

nale
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LK Information  20 Jul 2013 16:55:37 GMT  Report for Abuse  
Ado Anud the ultimate plonka!

'Well said'!
tigeress19
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LK Information  20 Jul 2013 16:56:18 GMT  Report for Abuse  
What are you proposing to do about it,,,,kill all the musims?? if so..try...

as for the bhuddist country...you must be nuts...
AnuD
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LK Information  20 Jul 2013 17:00:01 GMT  Report for Abuse  
What are you proposing to do about it,,,,kill all the musims?? if so..try...


We were foolish, We should have allowed Pabakaran to reign the North and East.
Southern
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LK Information  20 Jul 2013 17:03:43 GMT  Report for Abuse  
Sri Lanka has proposed only a 5 percent tax on gaming revenues.


sri lanka is a rich country its not bothered earning tax from poor people such as casino owners. our leaders are the greatest in this game.they think about the country first casino second..

good long term planing by the leaders..hks.. just like all the great projects done so far except Colombo katunayake high way..
nale
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LK Information  20 Jul 2013 17:05:06 GMT  Report for Abuse  
That's a good one plonka.
But its too late.
tigeress19
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LK Information  20 Jul 2013 17:24:21 GMT  Report for Abuse  
We were foolish, We should have allowed Pabakaran to reign the North and East.


I have told you before....the war should not have taken place at all...and this war, waged by you lot from the beginning was for the wrong reasons....

breaking up the internationally backed CFA was wrong, breaking up will have consequences, the EU clearly warned SL to watch out for the war crimes and crimes against humanity. it wont go away as wished by many Sinhalese.

ltte agreed to federalism in oslo...but the then govt refused to implement the CFA in order to facilitate the transfer of federal powers to the tamil region, sighting ltte's CFA violations carried out ..out of frustration ect ect and federalism will lead to separate tamileelam as excuses.

we are yet again at the same junction with the 13th this time along with war crimes and crimes against humanity.

the UNHRC clock is ticking away. the world seems to have fixed it...rajapakse can go along with it or face the consequences that might follow....

tamils to get greater autonomy within united srilanka. I prefer two system one country as the minimum.

what about you anud??




Edited By - tigeress19 - 20 Jul 2013 17:28:16 GMT
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