In a session of the Committee on Public Finance (COPF), chaired by MP Dr. Harsha de Silva, concerns were raised regarding the prolonged delay in establishing a gaming regulator, prompting urgent inquiries into the matter.

During the inaugural COPF meeting of the 5th session of the 9th Parliament held on Tuesday, February 13, members expressed dismay over the failure to meet the agreed-upon deadline of December 31, 2023, for the establishment of the gaming regulator. Despite repeated follow-up inquiries, the committee has yet to receive any satisfactory responses.

Emphasizing the critical importance of a gaming regulator in both attracting investment and recouping significant revenue losses, COPF members underscored the urgency of expedited legislation in this regard. They highlighted the detrimental effects of inadequate regulations, which result in substantial losses for the government.

To address these concerns, the COPF instructed the Director-General of the Fiscal Policy Department of the Finance Ministry to provide comprehensive details on both physical and online casinos, including tax amounts, and to propose a plan for recovering outstanding taxes. A two-week extension was granted for the submission of these details, with an expectation for the completion of the legislation by March 31.

Furthermore, the COPF approved the Secured Transaction Bill, signaling a significant step towards the implementation of the Secured Transactions Act of 2023 in Sri Lanka. This legislation establishes clear rules for securing transactions involving movable property, safeguarding creditors' rights, and prioritizing them.

Under the Act, the creation of the Secured Transactions Registration Authority will oversee the registration and maintenance of security rights, aiming to streamline processes and provide Small and Medium-sized Enterprises (SMEs) with improved access to credit for growth opportunities.