Friday, August 12, 2022

Cambodia rakes in $37.4 million in taxes in nine months

Cambodia collected a total of US$37.4 million in taxes from casinos in the first nine months of 2016, reports Xinhua, quoting a finance ministry report released on Tuesday.

The tax revenue represents a 35.5 percent increase over the same period last year, following a number of changes the government took to improve the transparency, efficiency and equity of the tax system last year.

Phnom Penh-based NagaWorld casino accounted for the largest contributor of tax revenue, making up 43 percent ot total tax revenue, or around US$16 million during the nine month period.

Last month, Cambodia’s Ministry of Economy and Finance announced it had reached a deal with Nagaworld for a new tax rate on non-gaming operations.

Ros Phirun, deputy director-general of the finance industry department at the Ministry of Economy and Finance said the new tax rate comes as a result of an audit of the casino’s business expansion and its non-gaming operations.

Phirun said that previously the government only charged NagaWorld a base rate on their business operation since the hotel had not been fully functional.

“Now their business operation is fully functional, both in gaming and non-gaming operations. Because of that, they have agreed to pay us a new revised tax rate,” he said.

“With this new revised tax for NagaWorld’s business operation, we hope to collect more tax soon when they launch their Naga2. But we have to wait and see the reality, first,” he added.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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