According to a 2025 budget, Sri Lanka will raise the admission fee from $50 per person to $100 and impose an 18% levy on the gross collection of casinos.
According to the budget address, corporate taxes on alcohol and tobacco will be increased. There has previously been a proposal to raise the corporate tax to 45 percent.
The current one percent stand duty on lease contracts (apart from hire purchase) will be increased to two percent.
Operations at container terminals are subject to the Social Security Contribution Levy.
In addition to VAT, a tax on digital services will be implemented.
Businesses that are subject to VAT will need to run point-of-sale devices.
Individuals’ capital gains tax was increased from 10% to 15%.
Investment assets are covered by it. Residents’ homes and listed shares are exempt.
Extracts.
Capital gains taxSocial Security Contribution Levy (SSCL) [Amendments to the Social Security Contribution Levy Act, No.25 of 2022]
3.1 The term “transportation of Goods and passengers” will be defined to include the services provided in relation to international transportation by container terminal operators.
3.2 Exemption applicable for the articles specified under Item 4 of Part 1B of the First Schedule of the SSCL Act, will be clarified to include the wholesale or retail sale of such articles.
3.3 Exemption provided under Item 24 of Part 1A of the first Schedule to the SSCL Act, will be granted for machinery or equipment imported or purchased locally for the purpose of generating electricity by any
institution which has entered in to an agreement with the CEB prior to February 18, 2025.
4. Stamp Duty
4.1 Stamp Duty applicable on any instrument relating to the lease or hire of any property will be increased from Rs.10 to Rs.20, for every Rs. 1,000 or part thereof of the aggregate lease or hire including any premium, payable for the whole term comprised in the lease or hire Agreement (other than a hire purchase agreement), with effect from 01.03.2025. That is, current Stamp Duty rate of 1% will be increased to 2%.
Betting and Gaming Levy (Amendments to the Betting and gaming Levy Act,
No. 40 of 1988
5.1 The Gross Collection Levy will be increased to 18%.
5.2 Casino Entrance Levy will be increased from USD 50 to USD 100.
