NagaWorld earned the lion’s share
Cambodia’s gaming industry generated US$37.4 million in taxes in the first nine months of 2016, reports the country’s Ministry of Economy and Finance. The nation collected US$37.4 million from 69 foreigners-only gaming halls during the period.
NagaWorld, operated by Hong Kong-listed NagaCorp Ltd. in Phnom Penh, brought in US$16 million, or 43 percent of the total.
“The notable rise in tax collection came after the government launched last year a new strategy to boost revenue by improving the transparency, efficiency and equity of the tax system and monitoring tax collection more closely,” stated Chinese news agency Xinhua.
In September, the ministry announced it had reached a deal with NagaWorld for a new tax rate on non-gaming operations, reported the Asia Gaming Brief.
“Their business operation is now fully functional both in gaming and non-gaming operations,” said Ros Phearun, Cambodia’s deputy director-general of finance. “Because of that, they have agreed to pay us a new revised tax rate,” Previously, the government charged NagaWorld a base rate because its hotel was not yet fully operational.
“With this new revised tax for NagaWorld’s business operation, we hope to collect more tax soon when they launch their Naga2. But we have to wait and see the reality, first,” Phearun added.
