Categorized | National News

Gov’t Expects $50 million In Gaming Taxes

The government is seeking to collect approximately $50 million  in taxes from the lucrative gaming industry. 

It is about  to introduce a new regime that calls for gaming operators being taxed 11 to 15 per cent on income under $24 million and 17.5 percent on income above that figure. 

Gaming Minister Dionisio D’Aguilar gave the Bahama Journal a breakdown on what the government hopes to receive. 

He said,“ the gaming houses generate taxable revenue of about $200 million, you multiply that by 11 per cent and you get $22 million. 

“We projected to increase that to $50 million. We have since revised our numbers and we expect to generate approximately $35 million, but we’ve introduced an additional tax which is the tax on winnings. 

“We estimate that we will get $15 million from that to take us back to the $50 million. 

“Obviously,  we haven’t done that before,  so we don’t know exactly how much will be generated from that ,  but this is what the gaming operators  estimate that this new winnings tax will generate,” he said.  

According to Minister D’Aguilar 3 of the 7 gaming houses are compliant with the old tax regime, representing 76 per cent of the revenue. 

“Now when you look at the book , there are wilding different numbers,  because as we transitioned from what we attempted to do,  to what we will do,  a number of the gaming houses withheld payment,  but they recognized that in order to get their licenses they will have to pay that money up. 

“So we expect in short order and we are negotiating with all of them to pay,” Minister D’Aguilar said.   

According to the Minister, the four not paying their taxes are putting funds aside to pay the government once all matters are settled. 

He  maintains that  relations between the gaming industry and the government have improved. In fact, he anticipates a smooth road ahead.

Written by Jones Bahamas

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