Singapore’s parliament has passed a new Gambling Duties Bill which will see casino tax rates raised and the exclusivity period of the state’s two IRs extended until 2030, among other amendments to the Casino Control Act.
The amendments, aimed at consolidating some of Singapore’s gambling law, were first proposed in 2019 under agreements signed by operators Las Vegas Sands and Genting Singapore with the Singapore Tourism Board for expansion of their respective IRs – Marina Bay Sands and Resorts World Sentosa.
Under changes to be made to the Casino Control Act by implementation of the new Gambling Duties Bill, a new tiered tax system will come into force which will see the current 15% tax rate for mass gaming increased to 18% for the first SG$3.1 billion in GGR and 22% for any amount above.
Premium gaming, currently taxed at 5%, will increase to 8% for the first SG$2.4 billion and 12% thereafter. Premium revenue is defined as that derived from customers with at least…