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bscnews1414   Image Posted Aug.19th, 2024, viewed 27 times

National Assembly have recommended a law revision that could see Kangwon Land casinos pay higher tax rates in exchange for extending their licenses by 20 years

According to a report by Inside Asian Gaming, the Committee on Trade, Industry, Energy and Small and Medium Venture Business yesterday passed a special law revision to support abandoned mining areas, requiring 13 percent of total game revenue to be transferred over 25 percent of revenue before taxes are imposed. The source elaborated that the change would then be mitigated by extending the casino license for rural properties, which is due to expire in about three years, until the end of 2043.


Gangwon Land Casino opened in 2000 and is the only real estate in Korea operated by Gangwon Land Co., Ltd. and is a place where Koreans and foreigners can gamble together. The eastern Gangwon-do company reportedly posted a net loss of about $249.7 million last year due to multiple coronavirus-related closures and enhanced social distancing and public health protocols, although it boasts more than 180 game tables and about 1,360 slots.


The Asian branch of financial services giant JP Morgan Securities reportedly argued that the tariff change proposal was due to the decline in business and that the effective tax rate at Kangwon Land Casino could be seen at around 31%, up to 6 percentage points. But the brokerage also said it had declared that the expected increase would not come as much of a surprise, as the venue's public burden increased with each extension of its license, starting with a 10% tax on gross profit criteria.


GGRASIA, in its own review of the matter, reported that the proposed change would not exempt Kangwon Land Casino from its obligation to continue paying a national standard 10% tax on total gaming revenue. The source said the increase is also expected to reduce Kangwon Land's annual profit by about 6 percent from next year.

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