Sunday, February 18 2018

VietNamNews

MoF tightens casino supervision

Update: January, 19/2018 - 09:00
Inside a casino on Phú Quốc Island. — Photo phuquocislandguide.com
Viet Nam News

HÀ NỘI — Casino establishments in Việt Nam must soon equip their venues with features like a working camera system to aid the Ministry of Finance (MoF) in supervising the casinos’ operations, as part of the MoF’s plans to legalise casino activities for Vietnamese people.

The MoF’s Decree No 03 will take effect starting February 12, 2018, with the purpose of ensuring that casinos are run properly and winnings are reported regularly for tax collection purposes. Accordingly, eligible casinos in the country must follow the decree’s regulations on management of money, conventional currency and organisation.

The regulation stipulates that businesses are only allowed to exchange and return conventional currency at the cashier for players before they start playing. The management of foreign exchange for casino business activities shall comply with the guidance of the State Bank of Việt Nam.

All transactions related to domestic, foreign and conventional currency must be monitored by computer software. The data from the software must be collected and put into revenue summaries. At the same time, any monetary transactions must be recorded and reported to the relevant State management agencies.

Furthermore, the MoF instructed casinos to arrange specialised containers to hold cash or conventional currency, which will then be sealed immediately after being removed from the game tables and before being taken out of their vault.

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, the Law on Corporate Income Tax and other sub-law documents guiding the implementation thereof. — VNS

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