In order to regulate the casino industry and plug tax loopholes, the Cabinet nod has been granted for the Betting and Gaming Levy (Amendment) Bill to be tabled in parliament for approval.
After securing clearance from the Attorney General, President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilisation and National Policies on Monday sought the approval of the Cabinet of Ministers to publish the draft Betting and Gaming Levy (Amendment) Bill in the government gazette notification, and thereafter submit the same to parliament for approval.
The Casino Business (Regulation) Act, No.17 of 2010 and the Betting and Gaming Levy Act, No.40 of 1988 have laid down the provisions to regulate the casino industry in Sri Lanka.
Even though, licenses should be issued for the operation of casinos in Sri Lanka under the Casino Business (Regulation) Act, No.17 of 2010, no licenses have been issued for any casino businesses under the Act up to-date, with no regulations being issued to enforce the provisions of the Act.
Accordingly, the Cabinet of Ministers last year decided to issue regulations under the Casino Business (Regulation) Act, No.17 of 2010 and introduce appropriate amendments to the Betting and Gaming Levy Act, No.40 of 1988.
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