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Vietnam Casino Market Undergoes Major Changes
- November 4, 2014 By Nemanja L. -
The Vietnam gaming market is in line for some serious changes as the government has announced its plans to further regulate the land-based casino establishments.
Casino players used to gambling in this Asian country will be glad to hear that the government aims to cancel the personal income tax (PIT) on money earned in the casinos. The current regulations state that a 10 per cent tax will be imposed on persons who win more than VND10 million ($47.6) in casinos and lotteries.
The Minister of Finance, Dinh Tienn Dung believes it is impossible to determine exact casino winnings and, therefore, plans to scrap the PIT in the near future.
And while such a move would deny the country around VND200 billion ($9.52 million) in revenue per year, the government plans to increase the special consumption tax (SCT) from 30 per cent to 35 per cent in an attempt to balance the books.
In case the National Assembly approves the proposal, estimated VND517 billion ($24.62 million) would be earned in additional revenue per annum.
By implementing said changes, Ministry of Finance believes they would simplify tax policies for the casinos while ensuring contributions made by the gaming companies remain unchanged.
Under the proposed regulation, casinos would be charged 35% special consumption tax, 22% corporate income tax as well as the 10% value added tax.
Grand Ho Tram Strip to Become First Casino to Accept Local Residents
At the same time, Vietnam is in the process of choosing the first casino to accept local gamblers as they plan to study the effects of such an experiment before deciding whether to amend the current legislation.
Grand Ho Tram casino is widely expected to win the race, with general director Collin Pine adamant this venue is just perfect for hosting the pilot programme due to it being the only resort constructed to apply with international standards.
Grand Ho Tram Strip became the first international resort and casino to open in Vietnam, with two more gaming establishments planned to launch in the near future.
The latest moves made by the government clearly suggest they are out to properly regulate the gaming market in the country, as they see the gambling industry as a way to boost the country’s economy.