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Rules on gaming house stamp tax tabled

Minister of Finance Peter Turnquest tabled the Stamp Gaming Patron Rules, 2018 yesterday, one day ahead of a scheduled meeting between the attorneys who represent gaming house operators and the Office of the Attorney General.

The rules that were tabled outline how gaming houses ought to charge and collect the five percent stamp tax government intends to impose on gaming patrons.

The rules require gaming houses to collect stamp duty whenever patrons make deposits on their accounts, or the accounts of any other patron, as well as whenever a patron makes a payment for any gaming activity not conducted through an account, whether over the counter or electronically via the internet.

“Every gaming house operator shall pay to the treasurer by the tenth calendar day of the following month, all stamp duty collected,” the rules state.

In May, the government announced that gaming patrons will see a five percent stamp tax applied on deposits and any non-online games or digital sales. However, the patron tax has been delayed several times since then.

The rules also stipulate that a report on the stamp duty collected must be submitted each month by every gaming house operator and must include particulars regarding the number of transactions made, gaming activity sales and the number of voided transactions. Gaming houses are also being required to keep detailed records of all deposits made to a patron’s account and all payments made in respect of gaming activities.

“A person commits an offense and is liable to a fine not exceeding $5,000 if that persons furnishes material information in a report that he knows or has reasonable grounds for believing such information is false; (and) fails to submit a monthly report within the time period specified,” the rules note.

The rules also provide for the minister to appoint an auditor at any time at the gaming house operator’s expense.

Business Reporter at The Nassau Guardian
Paige joined The Nassau Guardian in 2010 as a television news reporter and anchor. She has covered countless political and social events that have impacted the lives of Bahamians and changed the trajectory of The Bahamas.
Paige started working as a business reporter in August 2016.
Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News
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