Consultation process for Wakayama IR is close

The Wakayama prefecture seeks to get an IR and will conduct a consultation period with “interested parties”, starting next March.

Japan.- As the casino industry nears Japan, most regions seek to position themselves to get a venue. That’s why the Wakayama prefecture, which pushes for an IR, will conduct a consultation period.

As the authorities told GGRAsia, the process will involve “interested parties” and will run until early March.

Taxation

Recently, Japan announced it may withhold taxes on winnings by foreigners at IRs.

The new system was proposed during the fiscal 2020 tax system reforms, as authorities consider measures to prevent tax evasion.

Still, the tax reform proposal for the year starting next April wouldn’t include drastic measures, since the country already raised the consumption tax from 8% to 10%.

IR timeline

The initiative has taken another step further as the Japan Tourism Agency announced further details on the licensing schedule.

The Agency explained it will accept proposals from local governments between January 4 and July 30, 2021. Therefore, we can expect Japan regions to pick IR consortium partners in late 2020 and early 2021.

The Agency also disclosed it has conducted consultations with interested governments. The Tokyo Metropolitan Government, prefectures of Nagasaki, Osaka, and Wakayama; and the cities of Chiba, Nagoya, Osaka, and Yokohama contacted them.