LNP – Annual taxes on casinos up by 150%; Taxes on betting, gambling also to be revised

The annual tax charged from casino has been increased from Rs. 200 million to Rs. 500 million from August 1, the State Finance Ministry said.

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

Accordingly, after the amendment, a high registration fee will be charged for casinos and a US$ 200 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. 1 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 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 almost 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.