The local government has decided to extend tax incentives for the two casinos facing the economic challenges of the pandemic through the end of 2020. This two-month extension is estimated to reduce tax intake by about 7.3 million rubles (US$96,000).
The Philippines continues to focus on the gambling industry to raise revenue to fund the government’s coronavirus response, this time passing a law to tax the country’s popular online cockfighting industry.
The Philippines government has passed a bill that will permit online bets on cockfights and expects to raise at least P1.25 billion ($26 million) in revenue from taxation.
Understanding that the decisions on how IRs will be taxed in Japan is not an issue that can be left hanging, the senior ruling party politician Akira Amari has stated that these policies will be fixed before IR operators have been selected by the local governments. He later clarified that the policy would be decided next month.
In early July, the Mazhilis of the Parliament of Kazakhstan made amendments to the current gambling law. The new legislation was signed by the President of the Republic of Kazakhstan Kassym-Zhomart Tokayev.
Gambling via “e-sabong” (online cockfighting) is estimated to produce PHP1.5 billion (US$32 million) in revenues on a daily basis. Calls are rising to legalize and effectively tax these activities.
Paradise Co., the nation’s largest private casino industry firm, is facing a deep audit of its finances from the South Korean tax authorities, right at a time it is dealing with cash flow challenges.
The Philippines gaming regulator is looking to set a tax rate of 42.5 percent on GGR for land-based casinos offering online gambling - which is also known as “PIGO” (Philippines Inland Gaming Operator), according to a source close to the matter.
Imperial Pacific International is facing additional court action in relation to the firm’s unwillingness or inability to meet its financial obligations. The CNMI Division of Revenue and Taxation collection branch has filed another tax lien notice, and the company is said to have not complied with the federal court order to pay plaintiffs’ attorneys’ fees in one of the cases against it.
Russian President Vladimir Putin has signed a bill into law that will require casino operators to step up their identification of patrons in a bid to improve tax revenue.