From what has been reported as a “multi-year pursuit”, the proposed legislation changes in Cambodia, in regard to Casinos, has made fresh moves up the ladder towards success this month.
The big point of focus in this new proposal is to attract foreign based Casino firms to the Asian constituency through attractive tax rates when operating within the country.
National Cambodian media source, the Khmer Times, released a detailed report about the legislation and the comments and quotations from plentiful people within the countries setup that are in both sides of the proposal.
Cambodia has around 65 licensed casinos within the country and they contribute over $40m in tax revenue to the 2016 financial year, an increase of about 40% to 2015 – so a business that is heading in an upward direction and becoming increasingly popular, but missing one key thing; foreign presence.
Foreign presence in regard to companies operating in Cambodia, advertising and more will not only bring attention to the vicinity, but also help with tourism and overall country revenue.
As most would agree, the sooner any country can change their setup to incorporate allowances of foreign investments and companies into their own individual gambling community online is for the better, with all the benefits that come with it – and there is a plethora of them as we mentioned. With our information being that the tax rate will be between 4%-5%, there is plenty of competitiveness with this standing value in comparison to Singapore and other neighbouring Asian countries.
The legislative changes are being met very positively in Cambodia especially, with whispers of eyes being turned towards the territory already by some of the online Casino world’s biggest names.
The process has been going on for 3 or more years, nobody has really stated the specifics, so even though the progression of this proposal is going through to cabinet before the end of September, it could be a few more months of patient waiting to see whether it does indeed go through, which itself leads to a very excited next 5-10 years for Cambodia and Asia in general as the countries on the continent continue to battle, restrict, improve and constitute the online gaming industry.