Ravi Wijeratne was not a casino but an integrated resort/mixed development and that it didn’t come under the Strategic Development Act,UNP MP de Silva queried why the Government sought Parliament approval for the project.
“If it is a normal project, then it can be approved under the normal laws of the country rather than routing it through Parliament.
The Minister is also contradicting the recent official intimation from the Treasury to Board of Investment regarding the list of far-reaching concessions at the cost of revenue to the State to be accorded to Packer’s project, specifically stating it was under the Strategic Development Act,” the UNP MP claimed.
Dr. de Silva also said that the Government last month brought in amendments to the Strategic Development Act (SDA), which among other things ensured projects approved under the SDA were excluded from the Gaming and Betting Levy Act.
“This clearly conveyed the Government stance that Packer’s project will be benefitted with various concessions though in Asia gaming or casino business (including those run by Packer) is heavily taxed, ranging from 40% on turnover in Macau and 25% on revenue plus corporate taxes in Singapore and Malaysia,” the UNP MP pointed out. “In Sri Lanka we are offering 10-year tax concessions,” lamented Dr. de Silva.
No comments:
Post a Comment