Vietnam to cut casino tax incentives

The government could soon cut tax incentives given to casinos and other gaming ventures in special economic zones.

Vietnam.- Special economic zones (SEZs) have tax incentives to different businesses such as casinos and other gaming ventures to encourage investment. However, the Vietnamese government is considering a proposal that would cut said incentives to gaming venues.

Should they decide to cut tax incentives, investors in Van Don in the north of the country, Bac Van Phong in the centre and Phu Quoc in the south -which would’ve been elegible for the incentives- would be directly affected.

The decision would include the unlimited-time land and sea lease exemptions for tourism projects removed and changed for a period that would not exceed half the projects’ total lease time, and would last no more than 30 years for the Van Don and Bac Van Phong SEZs, and 20 years for the Phu Quoc SEZ.

Still, the proposed change wouldn’t remove the preferential corporate tax rates of 17 per cent for the first five years, compared with the normal rate of 20 to 22 percent.