Sri Lanka budget plan is bad news for casinos

Finance minister Ravi Karunanayake has proposed a 25 percent tax surcharge on profits of casinos and gaming companies, and doubled the annual levy to 400 million rupees (USD$6 million) on gaming businesses as part of the 2016 budget plan.

Karunanayake says the move “is our way of snubbing the casino concept in Sri Lanka”. “We are stemming this and not encouraging casinos in the country”.

The government expects to collect 2.05 trillion rupees in revenue, of which around 65 percent is expected to come from taxes on tobacco, alcohol, gaming and services.