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How Much Do Casinos Owe the Inland Revenue Department?
In 2015, the government imposed a one-off Casino Industry levy of LKR 1 Bn each on the 4 Casinos established in Sri Lanka. As a result, a total of LKR 4 Bn was owed to the Inland Revenue Department. However, by the end of 2015, only LKR 80 Mn had been collected from these businesses. In 2016, the Auditor General’s (AG) report revealed that only LKR 400 Mn had been collected so far from these entities, and no action had been taken to recover the remaining LKR 3.6 Bn and this had also not been recorded as ‘tax arrears. In 2019, a cumulative total of only LKR 1,330 Mn had yet been collected. A further LKR 2,670 Mn remained unrecovered. Even in 2021, 2 years later, the Inland Revenue Department revealed that casino businesses still owed them a total of LKR 2.67 Bn in tax arrears, highlighting the minimal progress of collecting these taxes.
Featured Insight
How Much Do Casinos Owe the Inland Revenue Department?
In 2015, the government imposed a one-off Casino Industry levy of LKR 1 Bn each on the 4 Casinos established in Sri Lanka. As a result, a total of LKR 4 Bn was owed to the Inland Revenue Department. However, by the end of 2015, only LKR 80 Mn had been collected from these businesses. In 2016, the Auditor General’s (AG) report revealed that only LKR 400 Mn had been collected so far from these entities, and no action had been taken to recover the remaining LKR 3.6 Bn and this had also not been recorded as ‘tax arrears. In 2019, a cumulative total of only LKR 1,330 Mn had yet been collected. A further LKR 2,670 Mn remained unrecovered. Even in 2021, 2 years later, the Inland Revenue Department revealed that casino businesses still owed them a total of LKR 2.67 Bn in tax arrears, highlighting the minimal progress of collecting these taxes.
Featured Insight
How Much Do Casinos Owe the Inland Revenue Department?
In 2015, the government imposed a one-off Casino Industry levy of LKR 1 Bn each on the 4 Casinos established in Sri Lanka. As a result, a total of LKR 4 Bn was owed to the Inland Revenue Department. However, by the end of 2015, only LKR 80 Mn had been collected from these businesses. In 2016, the Auditor General’s (AG) report revealed that only LKR 400 Mn had been collected so far from these entities, and no action had been taken to recover the remaining LKR 3.6 Bn and this had also not been recorded as ‘tax arrears. In 2019, a cumulative total of only LKR 1,330 Mn had yet been collected. A further LKR 2,670 Mn remained unrecovered. Even in 2021, 2 years later, the Inland Revenue Department revealed that casino businesses still owed them a total of LKR 2.67 Bn in tax arrears, highlighting the minimal progress of collecting these taxes.
Featured Insight
How Much Do Casinos Owe the Inland Revenue Department?
In 2015, the government imposed a one-off Casino Industry levy of LKR 1 Bn each on the 4 Casinos established in Sri Lanka. As a result, a total of LKR 4 Bn was owed to the Inland Revenue Department. However, by the end of 2015, only LKR 80 Mn had been collected from these businesses. In 2016, the Auditor General’s (AG) report revealed that only LKR 400 Mn had been collected so far from these entities, and no action had been taken to recover the remaining LKR 3.6 Bn and this had also not been recorded as ‘tax arrears. In 2019, a cumulative total of only LKR 1,330 Mn had yet been collected. A further LKR 2,670 Mn remained unrecovered. Even in 2021, 2 years later, the Inland Revenue Department revealed that casino businesses still owed them a total of LKR 2.67 Bn in tax arrears, highlighting the minimal progress of collecting these taxes.
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Sri Lanka’s CPC debt 4.2% of GDP by July 2021, loses LKR 61.8 BN
Sri Lanka’s state-run Ceylon Petroleum Corporation hit by price controls and forex shortages from call money rate targeting has racked up debt of 707.5 billion rupees by July 2021, official data showed. CPC had imported 18.4 million barrels of crude and refined...
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Govt. to seek foreign funding for green bond
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