State Minister of Finance Dr. Ranjith Siyambalapitiya says that the proposed rental income tax will have a beneficial effect on 90% of the people in Sri Lanka, and only 10% of the rich will be subject to the tax.
Therefore, the minister emphasizes that the general public should not have any unwarranted fear regarding this tax. The Minister said this in Parliament today (19) while joining the debate on the directives related to the tax amendments made for casinos.
The Minister mentioned here that the taxes collected from the 10% of people who are subject to the tax will be spent on the needs of the remaining 90% of the people.
In the meantime, the minister pointed out that the tax collection from the casinos is under the current regime and thus the government has managed to add 60% of the turnover of a casino to the state revenue.
Pointing out that earlier only income tax was collected from casinos, the minister mentioned that currently Rs. 50 crores for licenses, Rs. 50 crores for annual renewal and 15% of turnover are charged from casinos.
The Minister mentions that the expectations of taxation are to raise the state revenue as well as discourage certain businesses. According to this, Sri Lanka has now become the highest taxing country for casinos in the world, the minister further states.
