Billions of Rupees lost

The Committee of Public Finance (COPF) yesterday frowned on the inordinate delay in establishing a Gaming Regulator. The deadline for that task was set at 31 Dec., 2023, but the COPF had received no responses to its follow-up inquiries.

Stressing the vital role of a Gaming Regulator in both attracting investment and recouping billions of lost revenue, COPF members emphasised the urgency of this legislation. They highlighted that inadequate regulations result in substantial losses for the government. Consequently, Finance Ministry representative indicated a need for additional expertise to construct a robust revenue model similar to Singapore’s, according to a statement issued by Parliament yesterday.

The issue was taken up during the inaugural meeting of the 5th session of the 9th Parliament held yesterday (14), Assistant Secretary General of Parliament, announced to the Committee on Public Finance (COPF) that Member of Parliament Dr. Harsha de Silva, was re-appointed as the Chairman of the committee. The Assistant Secretary-General informed the Committee that the Committee of Selection had nominated Members of Parliament to serve on the Committee on Public Finance, and Dr. Harsha de Silva’s re-appointment as the Chair was confirmed on the 8th of February.

The committee instructed the Director General to provide details on physical and online casinos, including tax amounts, and requested a proposed plan to recover outstanding taxes.