In Cambodia, Tax Revenues From The Casino Were Halved

Home » Casino News » In Cambodia, Tax Revenues From The Casino Were Halved
April 1, 2022
2 minutes
30

In Cambodia, Tax Revenues from the Casino Were Halved

Collection of taxes in the cambodia casino industry declined to more than twice a $ 40 million in 2020 from 85 million us dollars, registered a year earlier, since covid-19 prompted the government to tighten the number of foreign visitors to jurisdiction.

"How well we are well known, the covid-19 epidemic began at the end of 2019 and continues to this day. She destroyed all sectors of the economy, and the casino industry also suffered a crushing bwow. Almost all of our casinos stopped work in 2020, and only seven or eight remained to save their business afloat. That is why our revenue fell so much "," said the official of the ministry of economy and finance cambodia on sunday the phnom penh post.

August 18, 2019 prime minister hong seward issued a directive about the prohibition of online gambling and slot machines in the kingdom by the end of the year, stating that such operations provided foreign citizens the opportunity to secretly hold fraudulent operations with extortion money on the internet. Prime minister noted that licensed online gambling operators falsify their games and threaten those who cannot pay their gaming debts.

Combined with continuing uncertainty against covid-19, fearun said that the prohibition further reduced tax revenues from sector. What’s worste, the government suspended all casino operations from april to august-september, after which several enterprises resumed work in the fourth quarter, he said.

"In fact, we expect that the collection of taxes from the casino cambodia will improve in 2021 due to our compliance with the recently adopted" law on the office of integrated resorts and commercial games ", adopted on november 14, 2020. We will collect taxes in a transparent way, but since covid-19 continues to spread and reduce the number of tourists, we do not dare to predict what will be the income from this sector to 2021 fiscal year, "said feerun.

According to phairun, from the beginning of the year to now 101, the casino operator in the kingdom filed a request to extend its licenses from 193, registered at the end of last year.

Source: yogonet

    How do you rate In Cambodia, Tax Revenues From The Casino Were Halved ?

    Your email address will not be published. Required fields are marked *