Recently, Singapore's government approved an act that foresees increasing the tax rate of gambling operators, which they will have to pay into the country’s budget. Before that, there was a 15% rate that they were supposed to share.
The present-day law decided that the tariff will be raised to 18%. The cap of the revenue earned by a certain business is 3.1 billion Singapore dollars, and companies whose profit is over these numbers will need to pay 22% of the taxes.
There are special rules for those who gain their profits from premium gamblers and have over 100 thousand Singapore dollars saved in their accounts. These businesses will be forced to pay 8% for a cap of 2.4 billion Singapore dollars, and if they exceed it, the amount will be raised to 12%.
Other Developments
It is expected that there will be no other increases of tax payments for another 10 years since it was noted in the official document.
Another thing to take into account is some exclusivity restrictions for casino operators who are in charge of integrated holiday destinations. Their original agreement for 10 years was cut short, and now it will expire in 2030.
Minister’s Comments
Singapore’s finance minister had a few things to say about the newly passed bill. He mentioned that there is a rise in unruly gambling activities that need more regulations and restrictions.
In his opinion, even though internet gaming is becoming trendy, the government is still worried about illegal spaces and occupations. He added that technological advancement paves the way for a lot of illicit activities, and it is getting harder for the parliament to keep an eye on these issues. However, he promised to do everything in his power to control this problematic sector.
The plans of introducing new stricter rules on tax payments for gambling businesses date back to July 2021, when the officials first announced their intentions to do so. After that, the government consulted the public on the issue and gave regular people an opportunity to express their worries and expectations.
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