The Cabinet has approved the formalization of the casino industry.
The approval has been given to a proposal submitted to the Cabinet by Prime Minister Ranil Wickremesinghe as the Minister of Finance.
The Prime Minister had proposed to formally collect the relevant taxes from the institutions currently engaged in the casino business.
However, the Casino Business Act No. 17 of 2010 and the Betting and Gaming Tax Act No. 40 of 1988 have laid down provisions to regulate the casino industry in Sri Lanka, but under the Casino Business Act No. 17 of 2010 licenses are granted to operate casino businesses in Sri Lanka. It is stated in the notification of the cabinet decision that the necessary orders have not yet been issued to enforce the provisions of the said Act.
Accordingly, it is stated that it has become difficult to formally collect the relevant taxes from the institutions engaged in the casino business.
As an answer to this problem, Cabinet has approved to issue orders under the Casino Business Act No. 17 of 2010 and to introduce appropriate amendments to the Betting and Gaming Tax Act No. 40 of 1988.
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