The Ministry of Finance of Vietnam has reportedly issued a circular that requires, among other things, all licensed casino floors in that nation to be monitored by surveillance cameras, and all transactions to be recorded via computer. The circular is said to come into effect on February 12, reported the Vietnam News Agency.
The purpose is purportedly to ensure casinos are run properly and that winnings are reported regularly for tax collection purposes, said the news outlet.
The report added that casino businesses would be required to declare earnings and ensure payment of taxes in compliance with four statutes covering respectively: tax administration; value-added tax; special consumption tax; and corporate income tax, as well as various subsidiary laws.
The news regarding tighter monitoring of Vietnam casinos’ tax reporting responsibilities comes as the industry anticipates the start of a three-year trial scheme that would for the first time allow economically-qualified locals to gamble at selected casino resorts in the country.
The minimum capital investment before a casino firm could qualify to apply to take part in the scheme was said to be US$2 billion, according to previous reports of government guidelines.
Feb 16, 2018Due to the Chinese New Year holiday, the GGRAsia team will be off between February 16 and 19. We will be back on February 20. We wish all our readers a prosperous Year of the Dog!
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”A challenge to Macau's economic model could potentially emerge over the longer term should China revise existing criminal laws that prohibit most forms of gambling in the mainland... Even in such a scenario, Fitch would expect this to occur gradually”
Fitch Ratings Inc