New measures to regulate the casino industry in Cambodia are believed to be presented by year-end.
Cambodia.- A new gaming law could be presented in the upcoming weeks as lawmakers are trying to regulate the casino sector from Cambodia. It is expected that the law would be presented by the end of the month to the country’s cabinet.
Local media cited Ros Pheraun, a senior official of the ministry of Economy and Finance and indicated that they want to attract as much international investment to the gaming industry in Cambodia as possible. The law would authorize the government to create an entity that would review casino’s internal financial controls and promote money laundering prevention as well as other criminal activities.
“There would not be delays at the cabinet-level for the approval of the draft law because we have incorporated lots of inputs from all concerned ministries and parties. The draft law which was finalised by joint technical teams from the Ministry of Economy and Finance and the Ministry of Interior will now be submitted to the government’s cabinet within this month,” said Pheraun.
The new legislation is also set to outline a 4 to 5 percent of total gaming revenue tax. “We really need to get this law off the ground fast because it will help us manage the industry better and also collect taxes. In addition, it will also attract more big investors into the industry and also bring in tourist.”
Moreover, Chairman of NagaCorp, Tim McNally, said that it’s not surprising that local officials might be in search of new regulations to present to the cabinet a draft gaming law, GGGRAsia informed. Nevertheless, he wouldn’t say that the paper would propose a 4 to 5 percent tax on casino GGR (gaming gross revenue). “I wouldn’t speculate on the number… the Ministry of [Economy and] Finance and others have always said they are aware of the competitive nature of the gaming industry in the region – in East Asia – and they would be mindful of that and try to keep Cambodia competitive in terms of taxation,” he said, and added that it’s not a surprise that it’s likely to come within the reported timetable. “I think they have been trying to complete and move the process,” he added.