Casinos.co.uk: Casino News Archive
Wednesday 14th November 2007
Holland Casino Reveals Tax Fears
According to publication Expatica, Holland Casino has announced that it fears for its future if a plan to increase the rate of tax on slots machines is passed by the nation’s Cabinet.
The Dutch State monopoly is the only company permitted to operate casinos in The Netherlands and it stated that its future could be in doubt if politicians go ahead with plans to convert the current 16 percent value added tax on machines into a gaming tax of 40.85 percent.
Although Parliament has still to express its view on the matter, Holland Casino said that the tax rise could put the continuity of the company in danger and prevent it from turning a profit.
It also announced that the increase could impact its online gambling operations at HollandCasino.com, which are currently being extensively re-equipped and upgraded through a contract with online gambling software developer CryptoLogic.
Holland Casino currently reports profits of around $117 million a year but a higher tax rate would inevitably result in losses of tens of millions each year. An unidentified spokesperson for the gambling company stated that the current value of the company, around $2.2 billion, could ‘evaporate as a result’.
Source:OnlineCasinoNews
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