Inside Asian Gaming

IAG MAR 2021年3月 亞博匯 16 KANGWON LAND HIT WITH TAX HIKE FOR 20-YEAR LICENSE EXTENSION 韓國江原樂園在獲得20年牌照續期後需要面對更高稅率 亞博匯早報 BREAKFAST BRIEFS THE TRADE, INDUSTRY, ENERGY, SMES AND STARTUPS COMMITTEE OF SOUTH KOREA’S National Assembly has agreed upon a revision of the law that would see the license of the nation’s only casino for locals, Kangwon Land, extended by 20 years. The revision seeks to extend the expiry of Kangwon Land’s current license from 2025 to 2045, in return for a greater slice of the pie through taxation. Such tax would see the current taxation model adjusted to apply a 13% direct tax on GGR rather than the current 25% on profit before tax (PBT), effectively increasing the rate charged on profit before tax (PBT) to around 31% on a like-for-like basis, according to investment bank JP Morgan. Kangwon Land also pays, and will continue to pay, the same 10% standard gaming tax on GGR charged to all casino operators in South Korea. The new rules are likely a direct response to a decline in taxation revenue in 2020 due to Kangwon Land printing a KRW275.88 billion (US$249.7 million) loss for the year as a result of COVID-19. By taxing GGR rather than profits, the government can all but guarantee some form of revenue from Kangwon Land each year. 韓國國會 的貿易、工業、能源、中小企及初創 委員會已同意修改法律，令該國唯一一間向 當地國民開放的娛樂場「江原樂園」的牌照續 期20年。 是次修訂包括把江原樂園現時牌照的到 期年份從2025年延至2045年，但政府就會通 過徵稅從該公司取得更多收入。 摩根大通的DS Kim和Derek Choi表示， 是計劃是要徵收博彩總收入的13%，從而把 稅前盈利(PBT)的徵收額度提升至約31%。現 時江原樂園向一個「廢棄礦區基金」支付稅前 盈利25%，另外還繳交博彩總收入10%的博 彩稅。 這些新稅務規定很可能是對於2020年稅 收下跌的直接反映。是次稅收下跌，是由於新 冠疫情下江原樂園錄得全年虧損2758.8億韓 圜(2.497億美元)。通過對博彩總收入而非利 潤徵稅，政府就可以確保每年都能從江原樂 園取得收入。