Sri Lanka Doubles Casino Entrance Fees in 2025 Budget
The Sri Lankan government has unveiled its 2025 budget with notable changes, including a significant increase in casino fees and additional tax hikes to boost revenue.
LISTEN TO THIS ARTICLE:Under the new fiscal policy, the turnover tax on gaming establishments will be raised from 15% to 18%. Also, the entrance fee for the country's two casinos will be doubled from $50 to $100 per person.
Over the past decade, Sri Lanka has witnessed a surge in interest in its gaming sector, marked by the establishment of several large-scale casino resorts in major cities like Colombo.
The recent main attraction is the City of Dreams, an integrated resort project currently being developed in the nation’s capital. With a $1.2 billion investment, the joint venture between Melco Resorts & Entertainment and John Keells Holdings is the largest private investment in Sri Lanka. The launch is scheduled for the third quarter of 2025.
As the gaming sector grows, the government is taking steps to regulate and tax it, tapping into its potential as a key driver of tourism and economic expansion.
With the new budget, the newly elected President of Sri Lanka aims to stimulate economic growth and increase revenue in the jurisdiction. It comes as the country has been tasked by the International Monetary Fund (IMF) to double its tax-to-GDP ratio, which stood at 7.3% in 2022.
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Other Tax Increases
Apart from gambling, the government is also proposing to raise corporate tax rates for tobacco and alcohol companies to as high as 45%.
Effective March 1st, 2025, the stamp duty on all lease agreements will be doubled from the current 1% to 2%, with the exception of hire purchase contracts.
Additionally, the VAT system will be expanded to include a digital services tax, requiring businesses registered for VAT to use electronic point-of-sale devices.
The capital gains tax rate for individuals on investment assets will also rise from 10% to 15%. However, exemptions will continue to apply to listed shares and residential properties.
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