Cambodia executes fresh revenue-based tax model for casinos
Cambodia's Ministry of Economy and Finance will apply revenue-based rules for taxes and procedures for commercial gambling business, aka casinos, from December 30, 2022.
Cambodia has applied a new revenue-based tax model for casinos. CGMC announced new guidelines regarding commercial casinos in October 2022. The guidelines came in response to an earlier order by Cambodian Prime Minister Hun Sen to clampdown on illegal gambling facilities.
A new revenue-based tax model has been introduced in Cambodia. It follows the Law on the Management of Integrated Resorts and Commercial Gambling (LMCG). LMCg implements a 7% tax rate to mass gaming and 4% for VIPs. There are also new regulatory controls. Mey Vann, Secretary of State, said the new rules would allow for greater oversight of the industry. Khun Darith, Managing Partner for audit, accounting and tax solutions at K Professional Accountants, thinks it's a good step for Cambodia to have such guidelines and procedures to properly regulate the gambling industry and collect more taxes.
Cambodia executes fresh revenue-based tax model for casinos. New rules for casino owners follow implementation of the new revenue based tax. Casinos are also obligated to comply with International Reporting Standards (IFRS). Plans to force casino owner to change the word “casino” to ‘commercial gambling’ on all signage once the five-year grace period expires.