CoPF Pushes for Casino Regulatory Authority to Curb Revenue Losses

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The Committee on Public Finance (CoPF) has reiterated its demand to accelerate the establishment of the Casino Regulatory Authority to curb significant revenue losses. Lawmakers discussed the issue in Parliament on March 6, focusing on casino taxation and the regulatory gaps within the gambling industry.

According to DailyFT, CoPF has been advocating for years to implement a regulatory body that can oversee both physical and online gambling operations. Despite existing taxation on land-based casinos, the booming online gambling sector remains largely outside financial oversight.

Committee Chair Dr. Harsha de Silva highlighted the urgency of bridging this regulatory gap. “Despite our efforts, the online casino industry remains untaxed. We must act swiftly to ensure proper financial oversight.”

The Attorney General’s Department has now been assigned to fast-track the necessary legislation to establish the Casino Regulatory Authority. Lawmakers emphasized that regulating online gambling could generate substantial tax revenue and prevent potential financial leakages.

The session was chaired by Dr. Harsha de Silva and attended by Deputy Ministers Dr. Harshana Suriyapperuma and Chathuranga Abeysinghe, alongside MPs Ravi Karunanayake, Harshana Rajakaruna, Dr. Kaushalya Ariyaratne, Nimal Palihena, Wijesiri Basnayake, and Lakmali Hemachandra.

With mounting pressure from CoPF, the government now faces the challenge of enacting swift legislative measures to regulate the casino industry and enhance revenue collection.

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