Packer deal to cost Rs. 9 b in taxes: UNP

Monday, 15 July 2013 01:08 - - {{hitsCtrl.values.hits}}

Loss of revenue from a controversial casino deal soon to be inked between Australian casino king James Packer and the Government of Sri Lanka will result in a loss of revenue from taxes of at least Rs. 9 billion, UNP Parliamentarian Harsha De Silva charged yesterday. “James Packer recently signed a casino deal in Sydney where he has agreed to pay 29% in taxes from revenue to the New South Wales Government or a minimum of $ 1 billion. If he can agree to pay this, why can’t he pay taxes in Sri Lanka?” De Silva said. The UNP MP, who has been vocal in his criticism of the controversial Packer-GoSL ‘integrated development project’ at D.R. Wijewardene Mawatha in Fort, said that the deal will be signed under the Strategic Development Act, as a project under the act that provides concessions to investors including an exemption from the Betting and Gaming Levy as well. He cited Singapore as a country that heavily taxes its gaming industry, with figures showing that of US$ 5.8 billion in revenue, the gaming industry in the South East Asian nation had paid US$ 2.25 billion in taxes, or 39%. “Minister of Investment Promotion Lakshman Yapa Abeywardena said that the Government had not issued casino licences to anyone. According to the Casino Regulation Act introduced to Parliament last year that was voted for by the monk led Jathika Hela Urumaya, a casino cannot operate in Sri Lanka without a licence and to do so was punishable by a prison term of up to five years,” De Silva clarified.

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