PHILIPSBURG--Finance Minister Marinka Gumbs says casinos currently do not pay turnover tax (TOT) and she believes this must change, while indicating that she is aware of possibly one or two additional casinos in the pipeline.
Speaking Monday on the radio programme The Breakfast Lounge with Lady Grace, Gumbs said her main concern is ensuring casinos contribute fairly to the country’s revenues and community needs.
“I believe that casinos, like everybody else, need to pay their fair share. That’s what I believe,” she said.
“I think we have our fair share, to be honest,” she said when asked whether the island needs more casinos.
The minister stressed that casinos are currently exempt from turnover tax, a situation she wants reviewed. “People don’t know casinos do not pay Turnover Tax and that is something that I am very much concerned about. They are exempt. This is something that … needs to change, in my opinion, in my personal view, because it really needs to be addressed because I don’t understand the fact of them not paying turnover tax.”
While acknowledging casinos do pay certain fees, Gumbs said compliance varies across the sector. “They pay their fees; we know that they are paying fees. There are some casinos that have been very compliant, and then there are others that we really have to be on them because of lack of payment.”
Beyond taxation, the minister called on casinos to increase their social contribution, noting the visible scale of the industry. She said, “I think that casinos need to really, really give more back to our community.”
Gumbs pointed to the attraction of casinos and the social risks tied to gambling. “We know that gambling can be an addiction. Let’s focus on that. There are a lot of people who are in need of basic needs. Let’s try to see if you can assist in those areas.”
Asked directly whether three new casinos are coming to the island, the minister responded cautiously. “Well, that I know maybe of one or two, but I didn’t know of a third.”
Gumbs maintained that any future policy direction will focus on fairness in taxation and stronger community contribution from the gaming sector.
https://www.thedailyherald.sx/islands/casinos-do-not-pay-turnover-tax-finance-minister-wants-review-2-more-casinos-likely-3
