CASINO TAXATION
 
GAMING HOUSE OPERATOR TAXATION
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
     
       
       
     
   
 
Gaming tax payable by the holder of a gaming house operator licence (Regulation 57)
   
 
1. Subject to paragraph (2), the gaming tax payable under section 64 of the Act by the holder of a gaming house operator licence shall be whichever is greater of —
 
a. eleven per centum of the taxable revenue; or
b. twenty-five per centum of earnings before interest, taxes, depreciation and amortization, generated by the operations conducted under its licence in any tax period.
   
 
2. The tax payable under paragraph (1) shall be subject to review—
 
a. during the transitional period following the receipt of the RFP and audited financial statements; or
b. at such other time as the Minister may otherwise direct.
   
 
Tax period (Regulation 58)
   
  The tax period in respect of the licence holders referred to in this Part shall be a period of one month ending on the last day of each of the twelve months of the calendar year; provided that any such tax period may, subject to the prior written approval of the Minister, end within ten days before or after such last day; provided further that, where applicable, the first tax period of any licence holder shall commence on the date on which such licence holder becomes licensed under the Act or on the date on which he would have become licensed had he qualified for licensing.
   
 
Gaming tax payable by the holder of a gaming house operator licence (Regulation 57)
   
 
1. Subject to paragraph (2), the gaming tax payable under section 64 of the Act by the holder of a gaming house operator licence shall be whichever is greater of —
 
a. submit to the Board a tax return in such format and containing such information as the Board, after consultation with the Minister, may from time to time determine; and
b. pay into the bank account of the Board the amount of tax due to the Consolidated Fund calculated in the tax return referred to in paragraph (a).
   
 
2. Where a return referred to in paragraph (1) is inaccurate in any respect, the Secretary may remit such return to the licence holder and call upon the licence holder to resubmit an amended return.
   
 
3. The licence holder shall, within five days of receipt of an inaccurate return referred to in paragraph (2), submit an amended return to the Board, which shall replace the return submitted under paragraph (1).
   
 
4. Where applicable, upon submission of an amended return referred to in paragraph (3), the licence holder shall deposit into the bank account of the Board, any monies due to the Consolidated Fund in excess of the amounts paid over under paragraph (1)(b).
   
 
5. The Board shall within seven days of receipt of the tax referred to in paragraph (1)(b), or paragraph (4), as the case may be, pay such tax into the Consolidated Fund.
   
 
Penalty and interest for failure to pay tax when due (Regulation 61)
   
  If the gaming tax payable by a licence holder is not paid in accordance with the provisions of regulation 58, the licence holder shall pay a penalty on the amount of any outstanding tax at a rate of ten per centum of the tax for each week or part of a week during which the tax remains unpaid, provided that —
 
a. such penalty shall not exceed twice the amount of the tax in respect of which such penalty is payable; and
b. where the Secretary, with the concurrence of the Minister, is satisfied that the failure on the part of any licensee to make payment of the tax within the prescribed period was not due to an intent to avoid or postpone liability for payment of the amount due, the Secretary may remit in whole or in part any penalty payable in terms of this regulation.