“`html
Sri Lanka urged to accelerate Casino Regulatory Authority establishment | AGB
Sri Lanka’s Committee on Public Finance has pressed for the urgent establishment of a Casino Regulatory Authority to combat revenue losses from the unregulated online gambling sector. They have noted the absence of a regulatory framework for the growing online gambling industry, despite existing taxation on land-based casinos. With potential tax revenues at stake, the Government has committed to drafting legislation to expedite the formation of this essential authority.
Key Points
- The Committee on Public Finance (CoPF) calls for swift action to establish the Casino Regulatory Authority.
- Delays in regulatory action are resulting in substantial revenue losses from unregulated online gambling.
- Land-based casinos are taxed, but the online gambling sector remains largely untaxed and unregulated.
- The Attorney General’s Department has been instructed to expedite relevant legislation.
- The Ministry of Finance highlights an estimated $7.4 million in casino taxes owed due to lack of enforcement.
- Ten new operators are currently awaiting licence approvals to set up casinos in Sri Lanka.
- The 2025 budget introduced new fees and increased taxes on casino operations.
Why should I read this?
This article provides critical insights into Sri Lanka’s emerging regulatory landscape for gambling, highlighting the government’s efforts to address issues of unregulated online gambling and the potential financial implications. As the gaming industry evolves, understanding these developments is vital for stakeholders and investors seeking to navigate this dynamic market.
“`