Following the announcement that the government will repeal the patron tax on gaming winnings, Island Luck CEO Sebas Bastian said yesterday that the tax “never made sense to begin with”.
“It would have driven players back to the unregulated market while reducing the regulated tax revenue,” Bastian said when reached for comment.
“I think the current government’s decision is based on them taking the opportunity to look at the studies and the unintended consequences winning taxes can have.
“I suspect in the end the previous administration realized it was not a tax that yielded much revenue benefit but never sought to correct it.”
Bastian said this highlights the importance of government and stakeholder consultation prior to major changes in an industry, not just gaming.
He said he remains optimistic that gaming operators can expect proper dialogue and due process from the government if any
future gaming matters arise.
Minister of Economic Affairs Michael Halkitis said the gaming industry is “very, very heavily taxed”.
“And so, we believe that it’s just better to do away with it,” he told reporters outside Cabinet.
The previous administration initially expected to implement the tax on July 1, 2018, coupled with a list of other tax increases for gaming operators.
The government said it would tax gaming patrons through a five percent stamp tax applied on deposits and any non-online games or digital sales.
The patron tax was delayed several times and never implemented.
Web shop operators have labeled the taxes discriminatory, unfair and wrong.
Gaming operators said the increase in taxes would cause them to lay off employees and shut down locations.
The post Bastian: Gaming winnings tax never made sense appeared first on The Nassau Guardian.
source https://thenassauguardian.com/bastian-gaming-winnings-tax-never-made-sense/
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