New Tax Proposals Worry Holland Casino
Published: Saturday, November 10, 2007 Online-Casinos.com
NEW TAX PROPOSALS WORRY HOLLAND CASINO
Will the land casino tax have repercussions for Holland Casino's online venture?
Dutch state companies may hold a monopoly on gambling in the Netherlands, but a proposal for a dramatic increase in tax on slot machines is creating waves at Holland Casino...and raises questions about the impact on its online gambling operations due for relaunch with Cryptologic software soon.
Holland Casino is the only company permitted to operate casinos in the Netherlands, and it is concerned for its future if the cabinet pushes through a dramatic increase in the tax on slot machines, reports the publication Expatica. And the gambling company has gone public with its concerns this week.
The Dutch cabinet wants to convert the 16 percent value added tax on the machines into a gaming tax of 40.85 percent and although Parliament still has to express its view on the matter, Holland Casino says that the tax hike could put the continuity of the company in danger and prevent it from turning a profit.
It is not at this stage clear what impact, if any such a tax might have on the online operations of Holland Casino.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 Euro 80 to 90 million a year. A higher tax rate will inevitably result in losses of tens of millions each year, a spokesperson for the gambling company said, pointing out that the current value of the company, around Euro 1.5 billion, could "...evaporate as a result."
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