Govt. targets Rs.5 bn from casino tax
30 January 2015 05:45 am
Finance Minister Ravi Karunanayake said that every casino license issued till now will be subject to a one time Rs.1 billion tax.He said that the Treasury will gain Rs.5 billion influx from the move. Vallibel One owner and Sri Lanka’s richest individual Dhammika Perera is said to be owning 3 licenses, while Rank Holdings owner Ravi Wijeratne owning the other two.
The two, along with John Keells Holdings PLC were attempting to create integrated resort projects centered on casinos in Colombo, under the Strategic Development Projects Act of the previous regime.Wijeratne was i nstrumental i n attracting Australian casino king James Packer and his Crown brand, and Perera was designing The Queensbury.
Both projects are now expected to be scrapped, as the current regime has taken a stand against the creation of any new casinos.John Keells’ Waterfront Project construction is going ahead at the moment, despite the new climate.The new tax is to be paid before April 15.Further, the annual levy payable under the Betting and Gaming LevyAct will be doubled.