The Sri Lanka Parliament’s Committee on Public Finance (COPF) has expressed concern over the delay in establishing a regulatory body for the gaming industry, as per a statement released.
According to a report by EconomyNext, initially, the government had pledged to establish this regulator by December 31, 2023.
In response to this delay, the COPF summoned the director general of fiscal policy to provide information regarding both physical and online casinos, including tax figures, and to present a proposed strategy for recovering outstanding taxes.
Highlighting the crucial role of a gaming regulator in attracting investments and recovering significant lost revenue, COPF members emphasized the urgency of enacting this legislation. They pointed out that insufficient regulations lead to substantial losses for the government.
Consequently, the Ministry of Finance (MOF) representative mentioned the necessity for additional expertise to develop a robust revenue model similar to that of Singapore.
Given the importance of this matter, COPF granted a two-week extension for the submission of relevant documents while expecting the legislation to be completed by March 31.
