Inside a casino on Phu Quoc Island. (Photo: phuquocislandguide.com) Hanoi (VNA) - Casinoestablishments in Vietnam must soon equip their venues with features like aworking camera system to aid the Ministry of Finance (MoF) in supervising thecasinos’ operation, as part of the ministry’s plans to legalise casinoactivities for Vietnamese people.
The MoF’s Decree No 03 will take effectstarting February 12, 2018, with the purpose of ensuring that casinos are runproperly and winnings are reported regularly for tax collection purposes.
Accordingly, eligible casinos in thecountry must follow the decree’s regulations on management of money,conventional currency and organisation.
The regulation stipulates thatbusinesses are only allowed to exchange and return conventional currency at thecashier for players before they start playing. The management offoreign exchange for casino business activities shall comply with the guidanceof the State Bank of Vietnam.
All transactions related to domestic,foreign and conventional currency must be monitored by computer software. Thedata from the software must be collected and put into revenue summaries. At thesame time, any monetary transactions must be recorded and reported to therelevant State management agencies.
Furthermore, the MoF instructed casinosto arrange specialised containers to hold cash or conventional currency, whichwill then be sealed immediately after being removed from the game tables andbefore being taken out of their vault.
Casino businesses shall declare and paytaxes in accordance with the Law on Tax Administration, the Law on Value AddedTax, the Law on Special Consumption Tax, the Law on Corporate Income Tax andother sub-law documents guiding the implementation thereof. -VNA
VNA
