The Government has in a gazette notification granted 10-year tax holidays to Lake Leisure Development Project of casino tycoon James Packer and Iconic Integrated Resort Project of John Keells Holdings to build and operate Mixed Development Projects with casinos, UNP MP Harsha De Silva said today.
Dr. De Silva who is also a well-known economist said after the tax holiday, the profits earned by the Company would be charged at six per cent or 50 per cent of the prevailing tax rate for the hotel industry, for 12 years.
He said the dividends paid to shareholders out of the tax-exempted profit of the Company would also not be taxed be exempted from income tax for ten years.
Dr. De Silva said the withholding tax on the interest accrued on foreign loans; for capital expenditure and technical fees, management fees, royalty fees and marketing fees had also been exempted.
He said the concessions given to the ‘ICONIC" Integrated Resort is somewhat similar but John Keells had not accepted the concessions given to the casino though it would operate a casino.
Dr. De Silva told a news conference that the government had set a world record with Thurday’s gazette making Sri Lanka the country which gives the highest concessions for casinos.
He referred to a statement made by Investment Promotion Minister Lakshman Yapa Abeywardene that no licences had been issued for any casinos in Sri Lanka and said the tax concessions granted are illegal as mentioned in the minister’s statement.
Dr. De Silva commended Johns Keells Holdings for not accepting any tax concessions for casinos. This he said was an act of good corporate social responsibility. (Yohan Perera and Jehan Gunasekara)
Tourism was most aftected industry in history of our country casino is only a one segment of the industry how about the rest they deserve the tax holidays for the entire industry...
Critic Roshan Sunday, 21 July 2013 11:19 AM
Harsha, what's the BET, you can't win the battle!!! Bets closed!
wicky Saturday, 20 July 2013 07:54 AM
We will never be a developed country. I can guarant for you. Because we don't have enough thinking power than other nations. 20/07/2013 Wicky
kan Saturday, 20 July 2013 06:00 AM
Dicky bird Understood there is the need of the casinos to promote tourism, but why 10 year tax holiday for such a lucrative business. Is there are not some thing black in bottom?
mahajanya Saturday, 20 July 2013 05:26 AM
Me Budunge Deshayada? Shame for the contry.
sss Friday, 19 July 2013 01:32 PM
More deafening is their silence on corruption ans lawlessness
dickie bird Friday, 19 July 2013 12:45 PM
Whats wrong with casino business & perks as long as it is regulated & run in a proper manner.
If casino business have many advantages to the growth of the economy. Its is those frogs in a well who has no proper grasp of it who bark at the moon.
Ratavasiya Friday, 19 July 2013 12:34 PM
That proves that they are not the true sons of Srilanka.
mani Friday, 19 July 2013 12:22 PM
Minister Lakshman Yapa Abeywardene recently said no new casino licenses will be issued. To my knowledge John Keells does not operate any casinos, then how are they going to operate a casino in their ICONIC project without a new license being issued. Clearly the minister is bluffing.
Russel Friday, 19 July 2013 12:22 PM
this guy same as chaw chaw
Sim Friday, 19 July 2013 12:21 PM
BBS, Hela Urumaya, Ravana Balakaya, we are for Casions
nalaka Friday, 19 July 2013 12:02 PM
issara ravi k rata kawa issarahata meya eka karanawa
HK Friday, 19 July 2013 09:38 AM
If a house maid bring a LCD government will put tax but casino builders no !
chandi malli Friday, 19 July 2013 11:55 AM
Where are our so called patriotics & wansa group is also silent now....
Aruna Friday, 19 July 2013 11:46 AM
Yes, it is alright to give fair and acceptable concession/s within the realm of ethical responsibility. However, such sweepstake concessions without checks and balances, witjout transparency or mandate of the masses!!! This would only bring down waves of lightening strikes on those responsible for this reckless policymaking. Time is right for "regime change" ...they still think the military might will eorlk for them..alas, we are currently a quantitative superiority in terms of soldiers...required quality in men and officers is way to inadequate to sustain a "spring" style onslaught as they would take the side of masses...soldiers are not happy...frustration reigns throughout the ranks..
Suq Madique Friday, 19 July 2013 11:37 AM
Yeah...soon this island will be full of temples and casinos.
unchikun Friday, 19 July 2013 11:34 AM
Get rid Ranil and get rid of this corrupt and visionless government. Just talk will get us anywhere.
saranga Friday, 19 July 2013 11:00 AM
UNP criticize for the sake of being in the opposition and yeah why not , please risk over 5000 just like what you just did to Krrissh Colombo
limatc Friday, 19 July 2013 10:33 AM
bodu bala , jhu , ravana all these rogues live on casino money and dine with them with alcohol , flesh , women , etc , so what is the difference , no difference , we the public has to suffer by paying a high prx for all
GC Friday, 19 July 2013 10:21 AM
Yes, (when) are they going to start any action against those promoting, building and operating Casinos?
OMG Friday, 19 July 2013 10:16 AM
On the other hand poor people who scrape out a living making murukku are slapped with all sorts of taxes.
mervyn Perera Friday, 19 July 2013 09:57 AM
Land of casions, drugs and brothels and prostitution. The miracle of Asia. What has the Hela Urumaya and Rev L.A Gunawansa have to say.
Calistus Jayatilleke Friday, 19 July 2013 09:52 AM
The silence of the true sons of Sri Lanka such as Bodu Bala Sena, Hela Urumaya and National Front of Weerawansa regarding the Casino business is, to say the least, deafening!
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