Asia

South Korean Casino Operators Get 12-month Reprieve on Tax Payments

Published

4 years ago

March 30, 2021

Niji Narayan

South Korean Casino Operators Get 12-month Reprieve on Tax Payments

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South Korea’s Ministry of Culture, Sports and Tourism has postponed the deadline for the nation’s casino operators to pay their sales taxes due to the impact on their revenues from the COVID-19 pandemic.

Under South Korea’s Tourism Promotion Act, all casino operators are required to pay a tax of around 10% on sales twice each year, in June and September, to the Tourism Promotion Development Fund.

In 2019, those taxes amounted to a combined US$251 million from South Korea’s 17 casinos, however, the Korea Casino Tourism Association has reported that sales from South Korea’s 16 foreigner-only casinos, which exclude Kangwon Land, fell 59% year-on-year from US$1.28 billion in 2019 to US$527 million in 2020. Sales at Kangwon Land, the only Korean casino at which locals are allowed to gamble, fell 68.5% year-on-year to US$433 million.

As a result, the Ministry implemented revisions to the Tourism Promotion Act Enforcement Decree allowing the tax deadline to be postponed for up to one year if any operator finds it difficult to pay the payment.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.