Ministry of Culture, Sports and Tourism, South Korea has announced that it is going to give a 12 month reprieve to casino operators for tax payments.
The decision has been taken keeping in mind the ongoing pandemic and failure of the operators to financially secure revenue to resume payments.
To this end, the government is going to pass an amendment to the Tourism Promotion Act Enforcement Decree which would allow at least 12 more months to the casino operators.
As per Gambling Insider, official statement read: “You have to pay the payment in June and September, but if the damage is severe due to the decrease in sales, the payment deadline is deferred through deliberation.”
Reportedly, Kangwon Land, the only casino in which Korean locals are allowed to wager, saw a 68.5% drop in revenue to KRW478.58bn in 2020, which is evidence of the fact that the industry has been hit hard due to the pandemic.