😐 Sri Lanka 🇱🇰: cabinet approves gambling tax hike and higher casino entry fee for residents

😐 Sri Lanka 🇱🇰: cabinet approves gambling tax hike and higher casino entry fee for residents

The bill introduces an 18% tax on gross gambling revenue, up from the current 15%. In addition, the entry fee for Sri Lankan citizens to casinos will increase from USD 50 to USD 100.

▶️These measures aim to strengthen public finances, strained during the 2022 economic crisis, when inflation reached 50% and Sri Lanka sought USD 600 million in financial assistance from the World Bank.

▶️Land-based casinos are part of a broader strategy to revive international tourism and attract foreign investment. Foreign visitors are expected to continue gambling, while local residents will face a doubled entry fee.

▶️Context: the Democratic Socialist Republic of Sri Lanka is an island nation with a population of 21,982,608 and a GDP per capita of around USD 3,340.

▶️Both bills will now proceed to parliamentary approval, within Sri Lanka’s unicameral legislature.

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