MEF Implements New Tax Rules on Commercial Gambling Businesses to Curb Financial Crime
The Ministry of Economy and Finance (MEF) brought about new tax rules on commercial gambling businesses to improve transparency and implement Anti Money Laundering (AML) measures.
Commercial gambling businesses must adhere to International Financial Reporting Standards (IFRS)— standards for reporting transactions in financial firms.
Mey Vann, Secretary of State of MEF, said that with the new rules, “there would no longer be cases of hiding cash to be paid to the authority, even by the casino owners and tax officials, as the rules and procedures determine check-and-balance practices for the balanced power among operators, regulators, inspectors and other relevant stakeholders involved in the implementation of the new proclamation”.
According to Vann, the rules would let people enjoy commercial gambling in casinos; however, casinos would have to change the word on signboards to commercial gambling from 2023 onwards.
“We cannot ask them to change immediately, and so we have to give them some time, and they are related to many factors such as their internal agreements and other legal aspects,” said Vann.
The accounting and tax expert said that the guidelines instructed the gambling sector to register with GDT, maintain accounting records and retain supporting documents for ten years. “This is very good from a good governance perspective to ensure transparency and accountability,” he said.
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