Categorized | National News

New Gaming Bill Promised

New gaming legislation is to be tabled and debated by the end of the month, according to the Minister responsible, Dionisio D’Aguilar.

This comes  after weeks of talks between the government and gaming operators on the way forward.

The Minister said, “it will outline basically that the gaming tax will go from 11 per cent as it once was to 15 per cent for those companies under $24 million. 

“It  will go up to 17 and a half per cent for those companies above $24 million and then there will be a winnings tax on any single winnings greater than $1,000,” Minister D’aguilar said. 

Deputy Prime Minister and Minister of Finance Peter Turnquest acknowledged in the House of Assembly during his budget communication last month that revenue was down for the 2018/2019 fiscal period in part due to the slump in gaming taxes.

A new tax regime took effect January 1st 2019 for all licensed gaming houses to pay 15 per cent on $0 to $24 million dollars of revenue and operators earning anything  greater than $24 million will pay 17.5 per cent. 

Based on the increased tax rate, the government had expected to collect approximately $35 million in taxes.

That did not happen.  If all goes as planned, the new gaming tax regime is  to take effect July 1 – the start of the new fiscal year.

Written by Jones Bahamas

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