Sri Lanka to amended approvals to casino resorts

Oct 22, 2013 (LBO) – Sri Lanka will issue new gazettes clarifying tax breaks offered to two casino resorts, and is also looking to come up with rules to address concerns raised, investment promotions minister Lakshman Abeywardene said. Two gazette notices giving tax breaks to large integrated resorts involving casinos to be built by Sri Lanka’s John Keells Holdings and Australia’s Crown group was to be presented to parliament for final approval this week.

Minister Abeywardene told reporters fresh gazettes will be prepared and he expected them to be presented to parliament within a month.

The gazettes will clarify tax breaks given, he said,

He said a 5 percent tax will be charged on gross gaming revenues and not net revenues.

The tax proposals had run into a storm with opposition legislator Harsha de Silva saying Macau charged 40 percent on gaming revenues (with no income tax) and Singapore charged income tax but taxes around 20 percent on gaming revenues.

Abeywardene said leaders of the parties in the ruling coalition met yesterday and their views were sought on the proposed resorts.

Abeywardene said proposals were also invited to address concerns raised regarding casinos including restricting the entry