{"id":420,"date":"2016-09-01T12:17:56","date_gmt":"2016-09-01T12:17:56","guid":{"rendered":"https:\/\/www.legitgambling.com\/?p=420"},"modified":"2017-05-12T15:44:54","modified_gmt":"2017-05-12T15:44:54","slug":"nagacorp-casino-scrutiny-non-gaming-tax-violations","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/nagacorp-casino-scrutiny-non-gaming-tax-violations\/","title":{"rendered":"NagaCorp Casino Under Scrutiny For Non-Gaming Tax Violations"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2016\/09\/nagaworld-casino.jpg\" alt=\"nagaworld casino\" width=\"300\" height=\"197\" class=\"alignright size-full wp-image-421\" \/> <a href=\"http:\/\/www.nagaworld.com\/\">NagaWorld<\/a> located in Phnom Penh, Cambodia is the biggest casino in the country and is being audited this year as well for additional tax liabilities on its non-gaming revenue after authorities was found last year that there were discrepancies in its reported income. <\/p>\n<p>As a result, the Cambodian government has launched the first-ever government audit into the casino.<\/p>\n<p>In a statement, <strong>Ros Phirun<\/strong>, deputy director of the finance industry department at the <a href=\"http:\/\/www.mef.gov.kh\/\">Ministry of Economy and Finance (MEF)<\/a> said, <\/p>\n<blockquote><p>The audit is ongoing and we have yet to finalize how much NagaWorld owes for their non-gaming operations. The reason why we are doing this is because we found last year that they needed to pay more [in taxes]<\/p><\/blockquote>\n<p><strong>NagaWorld Phnom Penh<\/strong><\/p>\n<p><center><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/BmKweqjUv5w\" frameborder=\"0\" allowfullscreen><\/iframe><\/center><\/p>\n<p><a href=\"https:\/\/www.legitgambling.com\/cambodias-nagacorp-continues-sharp-revenue-growth-2016\">NagaCorp Ltd<\/a>, the owner of the casino has been benefiting from a highly advantageous tax arrangement where it pays an effective tax rate of barely 2 percent on gaming revenue. Additionally the casino operator has a 41-year monopoly on gambling in an area covering a 200 kilometre radius around Phnom Penh. Last year, the casino operator paid $6.9 million in taxes on gross profit earned on <strong>record revenue of $327.8 million<\/strong>.<\/p>\n<p>For non-gaming revenue as well, <strong>NagaWorld<\/strong> has an agreement in place whereby it pays a lump sum tax amount to the government, which began at a monthly base rate of $30,500 in 2002 but has climbed to $214,338 per month in 2015 due to mandatory annual reviews. The arrangement allows the casino to avoid paying direct taxes on non-gaming revenues. The casino has to pay other taxes such as withholding tax, standard profit tax, value-added tax as well as tax on unmovable assets.<\/p>\n<p>Last year, the government asked the company to pay an additional tax amount of $9.4 million after it completed an audit of the casino\u2019s non-gaming operations including its hotel, restaurants and other entertainment facilities. <strong>NagaCorp<\/strong> however explained the additional tax amount differently in its annual report, calling it a one-off payment as it has been exempt from any additional tax payments as a result of a seven year grace period given to it under a 2006 agreement for completing the construction of its flagship hotel.<\/p>\n<p>While Phirun acknowledged this agreement, he said that the government had been waiting for the launch of the new hotel facility. He added that now as a publicly traded company, the casino operator must follow all regulations of the land and would be audited annually.<\/p>\n<p><strong>Mey Chan Veasna<\/strong>, a statistics official at the MEF\u2019s finance industry department who is in charge of this year\u2019s audit has said that the casino operator will be required to pay over $10 million this year as additional non-gaming taxes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NagaWorld located in Phnom Penh, Cambodia is the biggest casino in the country and is being audited this year as well for additional tax liabilities on its non-gaming revenue after authorities was found last year that there were discrepancies in its reported income. As a result, the Cambodian government has launched the first-ever government audit [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-420","post","type-post","status-publish","format-standard","hentry","category-casino"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NagaCorp Casino Under Scrutiny For Non-Gaming Tax Violations -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/nagacorp-casino-scrutiny-non-gaming-tax-violations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NagaCorp Casino Under Scrutiny For Non-Gaming Tax Violations -\" \/>\n<meta property=\"og:description\" content=\"NagaWorld located in Phnom Penh, Cambodia is the biggest casino in the country and is being audited this year as well for additional tax liabilities on its non-gaming revenue after authorities was found last year that there were discrepancies in its reported income. As a result, the Cambodian government has launched the first-ever government audit [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/nagacorp-casino-scrutiny-non-gaming-tax-violations\/\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-01T12:17:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-05-12T15:44:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2016\/09\/nagaworld-casino.jpg\" \/>\n<meta name=\"author\" content=\"Ella McDonald\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ella McDonald\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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