While some tax revenue from the gaming houses has yet to be collected, Acting Financial Secretary Marlon Johnson said yesterday that the government is confident that it will collect all of the funds owed by the end of the year.
“In this new month, we will have the impact of the gaming adjustment, which will bring in, we anticipate, some additional $20 million over and above what would have been budgeted prior and the impact of that again would be felt,” said Johnson, during a press conference about the budget yesterday.
Last May, the government announced a sliding scale tax on gaming house revenues and a five percent stamp tax on deposits.
Legal action forced the government to abandon this tax structure.
The government and gaming house operators have since agreed to a new scale which will tax gaming houses with net taxable revenue from $0 to $24 million at a rate of 15 percent, and those with net taxable revenue over $24 million at a rate of 17.5 percent.
Additionally, a five percent tax on winnings up to $1,000 and a 7.5 percent tax on winnings over $1,000 will be implemented.
All back taxes at the previous 11 percent rate are expected to be collected before the end of this fiscal year.
During the mid-year budget presentation, Deputy Prime Minister and Minister of Finance Peter Turnquest said, “With this new agreement, projected revenues to be collected from the gaming houses will be somewhat below the amounts that had been included in the 2018/2019 budget, in the sum of approximately $18 million.”
Asked yesterday whether all revenue from the 2018/2019 fiscal year has been collected, Johnson told The Nassau Guardian, “Some of the gaming houses are up to date and have made good on their payments, but there are still some that are being collected, so that’s something that we’re working with.
“Because there has been negotiations with the attorney general, we are involving him to make sure that our collection is consistent with his dialogue with them. So, that’s what we are doing, but we are confident that certainly before the end of the year we will collect that which is due.”
Education: Vrije Universiteit Brussel (University of Brussels), MA in Mass Communications