Vietnam to set high tax rates

The government will release a draft legislation that could contain tax rate as high as 40 percent.

Vietnam.- Vietnam will release a draft that will contain arrangements for operators who want to open a casino resort in the country. Despite the possibility, high tax rates could turn away possible operators, as they could run as high as 40 percent.

According to Asia Gaming Brief, the President and Chief Executive Officer for Stellar Management Corporation Augustine Ha Ton Vinh said that the draft legislation is in its final stages and could get support from the Prime Minister by the end of next year. The proposal would also include a measurement that would allow locals to gamble at two designated facilities in a three year trial period.

“The government was looking at something similar to Macau and at this time it’s almost impossible to lower the tax,” said Vihn, who has been very close to the process of developing the legislation with his company. He also confirmed that the government is trying to boost the local market by attracting foreign investment, and that the legislation could set the minimum investment for the companies that want to construct an integrated casino resort at US$2 billion, half of the stipulated in previous drafts.