By Mario Andree
Ceylon FT: Charging at the unregulated and tax free casino regime, a senior economist said that the government should remove the 5% gaming tax on casinos and implement the full tax regime which included VAT, NBT and Excise Duty.
The economist highlighted the ‘ridiculous’ attempts by the government to forcefully incorporate casinos in the country by removing VAT, NBT, Excise Duty, and introducing a low tax, while charging small scale business with high taxes.
According to him casinos should be charged all taxes which would generate revenue for the government to provide relief to those actually deserving in the country. Sri Lanka stands to lose about Rs 120 billion a year from gaming revenues from planned casinos.
Ceylon Today reported on (21) that the government was set to lose tax revenue amounting to US$ 3 billion due to the three new Gazette Notifications, which allow for the operating of three new casinos in the country.
Australian gaming kingpin James Packer has been given a 10 year tax break and an additional 12 year partial tax break for his and his partner Ravi Wijeratne’s US$ 350 million integrated resorts in D. R. Wijewardena Mawatha, while local gaming mogul Dhammika Perera too has been offered the same for his US$ 200 million project. The local blue chip John Keels Holdings would be given a 10-year tax break and an additional 15-year partial tax break for its US$ 700 million integrated Project in Glennie Street.
www.ceylontoday.lk
Ceylon FT: Charging at the unregulated and tax free casino regime, a senior economist said that the government should remove the 5% gaming tax on casinos and implement the full tax regime which included VAT, NBT and Excise Duty.
The economist highlighted the ‘ridiculous’ attempts by the government to forcefully incorporate casinos in the country by removing VAT, NBT, Excise Duty, and introducing a low tax, while charging small scale business with high taxes.
According to him casinos should be charged all taxes which would generate revenue for the government to provide relief to those actually deserving in the country. Sri Lanka stands to lose about Rs 120 billion a year from gaming revenues from planned casinos.
Ceylon Today reported on (21) that the government was set to lose tax revenue amounting to US$ 3 billion due to the three new Gazette Notifications, which allow for the operating of three new casinos in the country.
Australian gaming kingpin James Packer has been given a 10 year tax break and an additional 12 year partial tax break for his and his partner Ravi Wijeratne’s US$ 350 million integrated resorts in D. R. Wijewardena Mawatha, while local gaming mogul Dhammika Perera too has been offered the same for his US$ 200 million project. The local blue chip John Keels Holdings would be given a 10-year tax break and an additional 15-year partial tax break for its US$ 700 million integrated Project in Glennie Street.
www.ceylontoday.lk
No comments:
Post a Comment