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In Japan and a prominent member of the ruling Liberal Democratic Party has reportedly pronounced that non-resident gamblers will not have to pay tax on any prizes they may win at the nation’s coming trio of integrated casino resorts.
According to a Thursday report from Kyodo News, Akira Amari leads the party’s Tax System Research Commission and detailed that the move is set to be included in the coming fiscal package for 2021, which could be released as soon as next week, as a way of helping the envisioned facilities to attract overseas gamblers. But the news service purportedly explained that Japanese nationals are to conversely have their winnings burdened in much the same way as those earned through betting on horseracing.
Earlier suggestion:
The Japanese government reportedly floated a plan late last year that would have seen all casino punters required to pay a duty based on the difference between the value of their purchased chips and the amount subsequently converted back into cash. However, this proposal is now purportedly being scrapped for non-residents amid fears that it would hamper the coming venues’ ability to attract foreign visitors.
Amari reportedly stated…
“It would be meaningless if no-one comes to the integrated casino resorts after building them.”
Global competition:
The news service reported that all casino winnings are exempt from taxation in Singapore, Germany, Macau and the United Kingdom while commercial facilities in the United States and South Korea employ modest withholding systems for such gains. Amari purportedly furthermore used a recent behind-closed doors meeting to proclaim that Japan’s coming trio of Las Vegas-style resorts must be ‘on par with international standards’ regardless of concerns over their ability to procure revenues for the public purse.
Interested bidders:
Japan passed legislation in the summer of 2018 that is to allow a maximum of three jurisdictions to each host a single integrated casino resort featuring multiple hotels, conference facilities, restaurants and retail elements. Kyodo News furthermore announced that the giant cities of Yokohama and Osaka are expected to be front-runners in the coming race for one of these developments but will nevertheless face stiff competition from various other candidates including communities in Nagasaki Prefecture and Wakayama Prefecture.
Source: Worldcasinodirectory, Worldcasinonews
