📈 GRA Urgency: 70% Gambling Activity Online, Dodging Taxes

The Committee on Public Finance (CoPF) has highlighted a major revenue gap concerning gambling activity in Sri Lanka: • Online Domination: An estimated 60-70% of all casino-related activity now takes place through online platforms. • Tax Loss: The State earns zero tax revenue from this significant majority of activity, as only 30-40% occurs in taxed, licensed physical establishments. • Regulatory Push: CoPF urged the immediate establishment of the Gambling Regulatory Authority (GRA) to develop a mechanism for taxing online casinos and overseeing the entire sector. • Government Commitment: Finance Ministry and IRD officials have agreed to implement this, aiming for the GRA to be fully operational by 30 June 2026. • Critical Context: The lack of oversight allows significant revenue loss and compromises Sri Lanka's compliance with FATF standards on anti-money laundering (AML) and counter-terrorism financing.