Cambodia casino law; Sri Lanka casino levy

Cambodia casino law; Sri Lanka casino levy

Cambodia casino law; Sri Lanka casino levyCambodia’s National Assembly is expected to approve a new casino management bill by the end of the year with the goal of increasing gambling revenues and improving the country’s casino industry to international standards.

The announcement was made by Ros Phearun, the deputy director of finance industry for Cambodia’s Ministry of Economy and Finance. Speaking with the Phnom Penh Post, Phearun indicated that the ministry is in the final stages of completing a draft of the bill. Once it’s finalized, the bill will be sent over to the Council of Ministers before going to the National Assembly, which is expected to approve the bill without much opposition.

Phaeton believes that once the new law is put in place, Cambodia can double its revenue from its current $25 million figure. Increased tax collection will play a huge role in increasing revenue and that Cambodia can take full advantage of the shifting practices of the industry in region to bring in more tourists into the country.

Son Chhay, the deputy chairman of the National Assembly’s banking and finance commission, also said that the new law will be a boon for Cambodia’s casino industry.

“We have been waiting for years to have a law, which complies with international standard to manage the industry,” said Chhay. “We welcome it and we do appreciate the minister of the Ministry of Economy and Finance for the commitment shown with us during the meeting with the committee in December last year.”

Over in Sri Lanka, the country’s own government has officially issued an amendment to its Betting and Gaming Levy Act, confirming the inclusion of a new provision that will charge any person entering a casino a levy of $100.

“Every person who carried on the business of gaming in Sri Lanka for any year commencing on or after January 1, 2015, shall collect a levy of United States Dollars one hundred or its equivalent in any other convertible foreign currency or in Sri Lanka currency from any person who enters such place of business of gaming,” the new provision states.

The provision covers any person entering casinos in the country with a few notable exceptions, including “managing directors, members of the board of management, employees or any officer authorized to enter such place of business in the exercise of his or her duties.”