Sri Lankan authorities have officially decided to establish a gaming regulatory authority in response to the ongoing increase in tax evasion by a few local casino owners, according to Finance Ministry sources.
The new authority will oversee casino tax collection, counter criminal activity, and address negative societal impacts arising from gaming, stated State Minister of Finance Ranjith Siyambalapitiya.
The Cabinet has given approval to this authority following a proposal submitted by the president.
The government has been striving to set up a regulatory body to ensure fair tax payments by casino owners.
It has also been agreed to issue new casino licenses, revealing that a 2010 law regulating casinos required such licenses, but none had been issued.
According to recent estimates from the ministry, a sum of US $7.4 million in casino taxes was in arrears due to the lack of regulatory oversight.
Ten new operators have applied for licenses to establish casinos in the country, but the government is yet to grant its approval, disclosed Mr. Siyambalapitiya.
Minister Siyambalapitiya said the applications were in various stages of evaluation, and no licenses have been issued so far.
Currently, six casinos are operating in Colombo, including Bally's, Bellagio Entertainment, Casino Marina, Stardust, Continental Club, and The Ritz Club.
The government has introduced new laws on casinos, paving the way for levying a sum of Rs. 500 million when granting a license for a period of five years, he said, adding that entrance fees for casinos will be increased.
The government planned to increase the fee to $200 over three years to discourage locals from visiting casinos, he said.
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