New transaction rules from Vietnamese government prepare casinos for growth

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The government of Vietnam has issued new data recording regulations for casinos in the country.

The recently announced Ministry of Finance Decree Number Three, effective from 12 February, requires all casinos properly record all transactions and winnings for tax collection purposes.

The decree outlines that all transactions related to domestic, foreign and conventional currency must be monitored by computer software, before being collected and put into revenue summaries.

Any monetary transactions must also be recorded and reported to the relevant state management agencies, with casinos reminded to adhere to the Law on Tax Administration, the Law on Value Added Tax, and the Law on Special Consumption Tax, as well as the Law on Corporate Income Tax.

The ruling comes as casinos prepare to welcome the influx of Vietnamese national players, who were granted permission by the government to gamble in Vietnamese casi- nos if their earnings could be proven to exceed $440 a month.

Decree Number Three marks a new dawn for the Vietnamese casino industry, with increased legislation evidence of a growing acceptance by authorities, and a growing market.

Casinos will only be allowed to exchange and return conventional currency at the cashier for players before the start of play, with the management of foreign exchange for casinos complying with strict guidelines provided by the State Bank of Vietnam.

The Ministry of Finance has even gone as far as to detail the use of specialised cash containers, to be sealed immediately after being removed from gaming tables, and prior to being taken from the vault.

 


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