A new methodology for calculating gaming machine taxes will be introduced in the Turks and Caicos Islands.
The government will be moving away from tax collection based on the drop box recovery method and a new cabinet-approved Adjusted Gross Receipts system will be introduced, as part of its efforts to better regulate the gaming sector.
This comes as the House of Assembly recently passed two Gaming ‘Amendment’ Bills to bring the local Gaming Industry on par with international standards.
On Tuesday, January 23, 2024, Hon Premier Charles Washington Misick laid the
Gaming Control (Amendment) Bill 2023 and the Gaming Machines (Amendment) Bill 2023 are on the table of the House of Assembly for debate.
In presenting the bills to the House, Premier Misick underscored that the Gaming Control (Amendment) Bill 2023 is critical for the territory to stay abreast with evolving international standards, to ensure “a responsible, fair and sustainable gaming environment”.
Misick explained that the Bill further “revises the tax payable rate to 30%” of the adjusted gross receipts, creating a more streamlined and equitable tax structure.
Misick underscored that the Amendment Bill 2023 is a testament to his government’s commitment to evolving and adapting the regulatory framework to meet the challenges of the dynamic gaming industry.
Gaming is a big revenue earner for the government, however, it attracts the attention of the international community due to the money laundering concerns.
In December 2021, the House passed the Gaming Control (Amendment) Bill 2020 aimed at imposing stricter measures related to the detection or prevention of money laundering and terrorist financing and to ensure all gaming activities are completely regulated and transparent.
