Vietnam adds economy regulation to casinos
Vietnam authorities have approved another regulation for casino financial transactions.
Vietnam.- After regulating the casino market, the Vietnamese government has announced further conditions to operate financial transactions relating to betting services. According to the Ministry of Finance, casino operators would now have to follow stricter security and tax collection laws to prevent money laundering.
Based on the governmental statement, current Vietnamese casinos will have to comply with a specific report to record and store all transactions and winnings with players and clients. The National Decree No. 3 is set to take effect on February 12, 2018, as set out by the Ministry of Finance.
“All transactions related to domestic, foreign and conventional currency must also be monitored by computer software, with the data collected put into revenue summaries,” states the regulation published by AGBrief. Furthermore, the new measure establishes that “casino businesses shall declare and pay taxes in accordance with the Law on Tax Administration, the Law on Value Added Tax, the Law on Special Consumption Tax, and the Law on Corporate Income Tax.”
Meanwhile, gaming expansion continues in Vietnam, where authorities have recently approved another casino project, this one to be operated by the Laguna Lang Co. The gaming salon will be added to the company’s resort located in central Vietnam, with operations estimated to begin around 2021.
