Minister of Finance wants to tax the online gambling
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WILLEMSTAD - The Minister of Finance wants to introduce a separate rate for the online gambling sector in Curaçao.
The minister says that on the one hand there is a need for necessary regulation and modernization of i-Gaming and on the other hand the generation of more responsible liquidity for the National Treasury. The minister indicated this in the draft National Ordinance on the Games of Chance 2021 and the draft National Ordinance on the Gaming Tax 2021.
The new government noted that the Curaçao is currently 'not benefiting in any way from the very extensive industry' and for that reason it has been 'deemed desirable' by the Minister of Finance to introduce a tax on the gross gaming result achieved by operators of online gambling.
Since the introduction in 1993 of the National Ordinance for Offshore Games of Chance, the gambling regime of Curaçao has always remained a favorite of online operators partly because of the lucrative tax system and flexible rules. At the same time, since March 2020, the country has been confronted with huge financial deficits in connection with the severe corona crisis.
“One of the frequently heard complaints in relation to the online gambling sector has been that the treasury, despite a geographically favorable location and connection to other markets, sees little return of the popularity of the aforementioned i-Gaming regime.”
In concrete terms, this means that the i-Gaming will have to make its contribution to the treasury. That is also the international standard, says the minister. In addition, supervision will be further tightened so that the government itself can directly monitor the development of i-Gaming in the country and monitor the stability of tax revenues.
