Sunday, June 26, 2022

Ministry of Finance issues decree for Vietnam casinos


Vietnam’s casinos will soon be required to adopt new measures that ensure all transactions and winnings are properly recorded and stored for security and tax collection purposes, local media reports.

The Ministry of Finance Decree No. 3 is set to take effect on February 12, 2018, with the aim of ensuring that casinos are run properly and winnings are recorded for tax collection purposes.

The decree also puts forth regulations related to the management of money, conventional currency and organization.

It also states that businesses are only allowed to exchange and return conventional currency at the cashier for players before they start playing. All transactions related to domestic, foreign and conventional currency must also be monitored by computer software, with the data collected put into revenue summaries.

The MoF has also instructed the use of specialized containers to hold cash, which would be sealed immediately after being removed from the game tables and before being taken out of their vault.

The decree also states that casino businesses shall declare and pay taxes in accordance to the Law on Tax Administration, the Law on Value Added Tax, and the Law on Special Consumption Tax, the Law on Corporate Income Tax.

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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