The government has announced it will postpone the deadline for South Korean casinos to pay their sales taxes.
South Korea.- The Ministry of Culture, Sports and Tourism has announced the government will allow South Korean casinos to postpone their sales tax payments for at least 12 more months.
Casino operators must pay a tax of around 10 per cent on sales twice each year, in June and September.
South Korea’s foreigner-only casino operators have been deeply affected by the Covid-19 pandemic and the resulting lack of tourism in the country.
Since April last year, South Korea has received only 9,722 tourists per month, a 99 per cent decline compared to the 1.33m visitors in January 2020.
According to the government, South Korean foreigner-only casinos reported a 59 per cent year-on-year drop in revenue in 2020, with figures falling from KRW1.45tn (US$1.28bn) to KRW598.3bn (US$527m).
Kangwon Land, the only casino in which Korean locals are allowed to wager, reported sales for the full year fell 68.5 per cent year-on-year to KRW478.58bn (US$433.2m).