{"id":16277,"date":"2021-03-26T17:00:24","date_gmt":"2021-03-26T17:00:24","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=16277"},"modified":"2026-04-23T20:48:14","modified_gmt":"2026-04-23T23:48:14","slug":"south-korean-casinos-allowed-to-postpone-sales-taxes-payment","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/south-korean-casinos-allowed-to-postpone-sales-taxes-payment","title":{"rendered":"South Korean casinos allowed to postpone sales taxes payment"},"content":{"rendered":"\n<p>The government has announced it will postpone the deadline for South Korean casinos to pay their sales taxes.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>South Korea.- The Ministry of Culture, Sports and Tourism has announced the government will allow <strong>South Korean casinos to postpone their sales tax payments<\/strong> for at least 12 more months.<\/p>\n\n\n\n<p>Casino operators must<strong> pay a tax of around 10 per cent on sales <\/strong>twice each year, in June and September.<\/p>\n\n\n\n<p>South Korea\u2019s foreigner-only\u00a0<strong>casino operators have been deeply affected by the Covid-19 pandemic<\/strong>\u00a0and the resulting lack of tourism in the country.<\/p>\n\n\n\n<p>Since April last year, South Korea has received only\u00a0<strong>9,722 tourists per month,\u00a0<\/strong><em><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/tourism-in-south-korea-down-99-since-april-2020\" target=\"_blank\">a 99 per cent decline compared to the\u00a01.33m visitors in January 2020<\/a><\/em>.<\/p>\n\n\n\n<p>According to the government,<strong> <\/strong><em><a href=\"https:\/\/focusgn.com\/asia-pacific\/south-korea-turnover-at-foreigner-only-casinos-down-59-in-2020\" target=\"_blank\" rel=\"noreferrer noopener\">South Korean foreigner-only casinos reported a 59 per cent year-on-year drop<\/a><\/em> in revenue in 2020, with figures falling from KRW1.45tn (US$1.28bn) to KRW598.3bn (US$527m).<\/p>\n\n\n\n<p><strong>Kangwon Land<\/strong>, the only casino in which Korean locals are allowed to wager, <em><a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/kangwon-land-reports-us250m-loss-for-2020\" target=\"_blank\">reported sales for the full year fell 68.5 per cent year-on-year<\/a><\/em> to KRW478.58bn (US$433.2m).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government has announced it will postpone the deadline for South Korean casinos to pay their sales taxes.<\/p>\n","protected":false},"author":176,"featured_media":16278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The South Korean government, through the Ministry of Culture, Sports and Tourism, has postponed the sales tax payment deadline for casino operators by 12 months. This regulatory relief addresses the severe financial distress experienced by the sector, including foreigner-only casinos and Kangwon Land, which reported significant year-on-year revenue declines in 2020 due to the precipitous drop in tourism caused by the Covid-19 pandemic.","focusai_entities":"Ministry of Culture, Sports and Tourism, Kangwon Land","focusai_location":"South Korea","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.75), operator_casino (1.0), investor_analyst (0.9), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on Cash Flow","query":"What is the estimated aggregate cash flow relief for South Korean casino operators resulting from this 12-month sales tax deferral, and how does this impact their short-term solvency ratios?"},{"label":"Future Regulatory Support","query":"Given the continued tourism decline, what are the government's contingency plans for further regulatory or fiscal support if the sector's recovery does not materialize within the 12-month deferral period?"}],"footnotes":""},"categories":[157,16338,158],"tags":[16471,23907],"class_list":["post-16277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-kangwon-land","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=16277"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16277\/revisions"}],"predecessor-version":[{"id":16299,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16277\/revisions\/16299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16278"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=16277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=16277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=16277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}