“Bally’s Ltd states that it has at all times acted fully in compliance with all applicable laws and regulations of the Sri Lankan Government.
Our company pays a 10 per cent turnover tax, 40 per cent corporate tax and an annual levy of Rs. 200 million. From our net profit, approximately 75 per cent is paid to the government while 25 per cent is retained by the company. The above taxes have all been paid and are up to date.
The tax that is being spoken of (referring to the article) is a one-off tax applied to the industry. The industry came to an agreement to pay this tax over a specified period of time. After paying Rs. 425 million in an agreed manner, the Inland Revenue Department without informing us filed a case against our directors for the residual sum.
The case is still ongoing but our company irrespective has settled the matter and paid a full and final sum of Rs. 575 million. We reiterate that all taxes in every form charged to the company have been paid in full and are up to date.”
Reporter’s note: We are now informed that Bally’s made the balance payment, completing the full payment of Rs.575 million on or before the court case came up on June 1, 2022.