The New South Wales government has announced reforms to the casino tax system to fund critical state services.

The government has proposed raising tax rates on casino revenues generated by game tables and poker machines. The increased tax rate is expected to take effect on July 1, 2023, generating $364 million in additional tax revenue from the state over the next three years.

Treasury official Matt Keane said the new tax system will support the country’s fiscal policy and continued investment in communities recovering from the huge impact of COVID-19, floods and wildfires.

“It is important that casinos pay their fair share of taxes. These reformed tax rates will replace the existing system in which casinos pay less tax on poker machines than hotels and clubs,” Keane said. “These changes will ensure that casinos continue to make appropriate contributions to the community and support the provision of critical government services.” 슬롯머신사이트

The official also said thousands of people were securing employment and entertainment with casinos across the state proving the industry’s consistently significant contribution to the NSW economy. Keane said the recent tax rate increase would support such a contribution. The move will align the NSW tax rate with the rate applicable in Victoria after the official’s recent announcement that the state will revise casino tax arrangements within Victoria’s budget for 2022-23.

The potential tax changes represent the government’s efforts to reform the gaming industry. The move will impact profits for major NSW casino operators, such as Star Entertainment Group, whose Sydney operations accounted for half of the company’s revenue for fiscal 2022. In addition, the company is proceeding with civil proceedings in federal court in the face of allegations of failure in anti-money laundering operational procedures.

Leave a Reply

Your email address will not be published. Required fields are marked *