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South Korea sees jump in gambling tax revenue

Tax

SouthKorea
revenue from the South Korean gambling industry experienced a year-on-year increase of 4% for 2015, according to the Korea Herald.

Information released today by the National Gambling Control Commission of Korea reveals that taxes collected from gambling related activities, including casinos and sports betting, amounted to 2.42tn in South Korean won, compared to 2.32tn for 2014.

Contributing to this expansion in gambling tax revenue was a 12.1% increase in the collection of taxes from casinos, to 478.8bn won, while tax revenue from betting on horseracing crept up by 1.6% to 1.45tn won.

There was a dramatic rise in taxes collected from bets on bullfighting, which surged by more than 300%, while only tax revenue from betting on motorboat racing contracted, falling by 0.9%.

The commission has claimed that tax revenue from the gambling sector has risen as a result of a 3% year-on-year growth in sales, to 20.5tn won.

The South Korean national government in Seoul last month rejected a proposal that sought to double the gross gaming revenue tax in the nation’s Jeju province.

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