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Sri Lankan Casinos Hit with Tax Increase

19 November 2004

SRI LANKA – As reported by the Agence France Presse: "Sri Lanka slapped sin taxes on casinos, alcohol and luxury goods and increased fines while granting a 40 percent salary increase to state employees despite a ballooning budget deficit.

"Finance Minister Sarath Amunugama said on Thursday the deficit this year was 8.6 percent of GDP up from a forecast of 8.0 percent. The forecast for calendar 2005 was revised up to 7.6 percent of GDP from an earlier projection of 5.9 percent.

"..The annual tax on casinos was raised to 50 million rupees (US$477,236) from 12 million rupees while there were similar increases on other gaming…"

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