A draft bill seeking to lower taxes on total gaming revenue by 4,5% in Cambodia, is reportedly set to be discussed by members of the cabinet this month. The long-awaited proposal comes as an urge from the local government to increase Cambodian casino market’s appeal to international operators.
“We got a lot of input for the draft law after many inter-ministerial and stakeholders’ meetings,” Ros Phearun, a deputy director-general of the Finance Ministry’s financial industry department, told Khmer Times. “The draft law which was finalised by joint technical teams from the Ministry of Economy and Finance and the Ministry of Interior will now be submitted to the government’s cabinet within this month.”
The new legislation is expected to contain a gaming tax of between 4pc and 5pc of total gaming revenue, almost the same as the tax payable by casinos in Singapore.
The proposed law also authorises the government to establish the Gaming Management Committee, which will review the adequacy of internal financial controls as well as the prevention of money laundering and other criminal activities.
These measures are seen as positive steps to increase transparency and a way of further advancing the gaming and leisure entertainment sector in Cambodia.
“There would not be delays at the cabinet-level for the approval of the draft law because we have incorporated lots of inputs from all concerned ministries and parties,” Phearun added. We really need to get this law off the ground fast because it will help us manage the [gaming] industry better and also collect taxes. In addition, it will also attract more big investors into the industry and also bring in tourists.”