2020 Casino Tax Collection Drops by More Than 50 percent
By
B2B Cambodia
on
The Cambodian Ministry of Economy and Finance has confirmed that casino tax collections for 2020 dropped to $40 million in 2020, less than 50 per cent compared to collections of $85 million in 2019.
General Department of Taxation (GDT) Cambodia
The information was confirmed by the ministry’s deputy director for the financial industry, Ros Phearun.
He told the Phnom Penh Post, "the Covid-19 epidemic began in late 2019 and persists to this day. It’s pulverised all economic sectors, and the casino industry has sustained a crippling blow as well. Practically all of our casinos ceased operation in 2020, with only just seven or eight left scrambling to keep their businesses afloat. That’s why our revenue collection has dropped so much.'
Many casinos in the Kingdom closed for several months in 2020 in line with COVID-19 restrictions. Early in 2021, NagaWorld was again forced to close due to some positive cases at the property caused by the February 20, 2021, Community Outbreak incident.
Casino Tax collections in Cambodia
Below we look at the data of some of the annual tax collections in Cambodia:- 2011: US$20 million in tax revenue was generated from the casinos in Cambodia.
- 2014: $25 million in revenue tax collections.
- 2015: $29 million in revenue tax collections (However it is believed that Casinos in Cambodia generated $2 billion in income for casino owners, by 2015.)
- 2018: $46 million in revenue tax collections.
- 2019: $85 million in revenue tax collections.
- 2020: $40 million in revenue tax collections.