The revised act with lower taxes and penalties for defaulters is expected to encourage bookkeepers and casinos to be a recognised taxpayer.
rnThe exercise is expected to net in over Rs. 200 million to government coffers, under the budget for 2002 presented by the UNF coalition.
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rnInland Revenue authorities have already begun their campaign to register gambling institutions with the first advertisement appearing in the papers today, urging gaming and betting centres to pay taxes and register with the department on or before July 01, 2002. rn
rnAccordingly, gaming institutions pay Rs. 12 million in three instalments, down from Rs.
25 million under the previous act. rn
rnIn addition, the new act will recognise each casino as a separate entity as opposed to the previous regulation, which accounted for them by its management. rn
rnMeanwhile, betting institutions have been categorised under centres with live television facilities and centres without such facilities. rn
rnCentres with live televis