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Official Gazette

Tuesday, June 19, 2018

Finance authority to tighten taxation of casino business

Updated: 09:29’ - 05/02/2018

Every casino is required to arrange a place with necessary devices like a surveillance camera system to help tax agencies supervise the casino’s operations.
 

The façade of Crown International Club in Da Nang city__Photo: Internet

Under Circular 146 of 2017 recently issued by the Ministry of Finance, guiding the management and supervision of tax collection for casino business activities, casino businesses are required to issue their regulations on internal management at their casinos as prescribed in Clause 1, Article 18 of Decree 03/2017/ND-CP.

Businesses may only exchange and return conventional currency at the cashier for players before they start playing. The management of foreign exchange for casino business activities must comply with the guidance of the State Bank of Vietnam.

All transactions related to domestic, foreign and conventional currencies must be monitored by computer systems. The data from the computers must be collected and put into revenue summaries. At the same time, these monetary transactions must be recorded and reported to managing state management agencies.

Casinos are also required to arrange special boxes to hold cash or conventional currency, which will be sealed immediately after being removed from the game tables and before being taken out of their vault.

Casino businesses will have to declare and pay taxes in accordance with the Law on Tax Administration, Law on Value-Added Tax, Law on Excise Tax, Law on Corporate Income Tax and guiding texts.- (VLLF)

 

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