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Gambling operators began expressing dissatisfaction

According to this, taxes on land-based casinos will double by early next year, and if there are a few factors, Determining the appeal of the market is the most important way of taxation.

After the announcement of a tax rate hike for ground casino operations, which is scheduled to take effect in January 2018, many gambling operators began expressing dissatisfaction. Six small local casinos have already decided to close because the new tax rate will leave them broke. This has resulted in many people. In addition to the six smaller casinos, other big gambling operators have warned that they will withdraw from the country's market if the government does not reverse its decision.

Experts warn that gambling operators may not be able to generate the tax revenue they want, which can be said to be a major contraction in the gambling market as many operators will rush in under the influence of the new tax system.

Apart from the damaged gambling industry, many people will lose their jobs. It is known that more than 9,000 people are directly employed, and they are usually in urgent need of jobs, and if the casino industry thrives, small and medium-sized enterprises will also be activated. Sean Clarke, vice president of the Union of Member Clubs and Lottery Workers (UMCLW), even spoke of new taxi drivers and the indirect employment of many people in the gaming industry triggered by casino employees.

Sherry Persad, president of the T&T Member Clubs Association (TMCA), told the T&T Guardian that the union would not worsen the gambling industry and that it was meant to legally respond to the government's decision. The global gambling industry has witnessed a similar scenario in which countries impose too high taxes or regulations. These actions produced the same effect.

Trinidad and Tobago's New Tax System
As mentioned earlier, the new tax system was introduced this Monday by Colm Imbert, the finance minister of Trinidad and Tobago, and if lawmakers approve the plan, it would impose a 10% tax on players' lottery winnings.
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Tuesday, March 26, 2024
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