Vietnamese authorities plan to cut tax breaks for casinos

While in Spain, think about tax cuts for the gaming sector, the Vietnamese government may cut back on tax breaks for casinos and other gambling enterprises on the territory of special economic zones of the state.

 In accordance with the government’s plan for Special Economic Zones, investors Van Don island in the north, Buck Van Phong in the central part and the south of Phu Quoc will pay a corporate tax of 17% during the first five years of the object.

 The original proposal frees the operator from tax in the first five years are taxed at a rate of 50% of revenue over the next five years, and finally assumed a 10% further in ’21 before the normal tax rate.

 So, entertainment and tourist attractions, including casinos, faced with the abolition of privileges for an unlimited time rent on land and at sea. Instead, the grace period will not exceed half of the total time of rental projects and will last no more than 30 years for the special economic zones of Van Don Island and Buck Van Phong and 20 years – for a special economic zone of Phu Quoc Island.

 Announced the government’s plans follow the sector increased monitoring and the introduction of more stringent laws with respect to taxes and security.

 In accordance with the new proposal, casino owners of objects can also bind to the payment of excise taxes higher (10-15% higher than the standard) in the first 10 years casino action.

 Two casino project on the islands of Phu Quoc and Van Don are the only ones in the country, which today would be allowed to take local residents as part of a three-year pilot scheme.

 It is expected that the discussion of the draft law will be held in late May at the forthcoming session of the National Assembly meeting.

 Recall: Georgia gambling activists suggested the authorities to allow smoking on the gambling sites of all types.

 See also: According to industry experts, in 2018 Vietnam will be interesting to foreign investors

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