Vietnam government to change casino tax laws
However, the country’s Minister of Finance Dinh Tienn Dung told Vietnamnet that determining people’s winnings is “impossible”, making it difficult to impose taxes on those earnings.
Scrapping the PIT likely means that state coffers will lose close to US$ 9.52 million in revenue per year but the increase in the special consumption tax could offset those numbers. Should the National Assembly approve the proposal, the state budget could be in line to receive close to US$ 24.62 million annually.
“The rise in SCT for casinos and the removal of PIT for casino winners will help simplify tax policies for casinos in line with international practices,” said a government report on the impacts of the draft amendments, as quoted by Vietnamnet. “Under the Ministry of Finance’s calculations, the contributions made to the state budget by businesses will not change after the rise in SCT and removal of PIT.”
The proposed tax amendments also mean that tax levied on casinos would now include the increased 35% special consumption tax to go with a 22% corporate income tax, and a 10% value-added tax.
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