T&T Private Members’ Club Association (TTPMA) president Sherry Persad says the gaming industry intends to fight back against Government plans to increase taxes on the industry. She said, however, that the fight will be “in every lawful manner that is available.”
During his Budget presentation yesterday, Finance Minister Colm Imbert said the existing rate of duty on all mechanical games of chance for gambling, now 20 per cent, would be increased to 40 per cent from October 20. The measures will take effect on January 1, 2018 and will be strictly enforced in 2018.
“The present tax payment compliance rate of only 10 per cent by industry participants in the gambling industry is unacceptable and can no longer be tolerated,” Imbert said.
However, Persad described the move as an “inhumane increase,” adding that thousands will be affected.
“The Government cannot continue to proceed with the deluded concept that taxation is a revenue generating option for our nation,” Persad said.
Persad said members view the gaming increases as an act of bad faith by the Government, noting it appears to have singled out the industry as one of the few areas for taxation revenue to bear the burden of the nation’s economic challenges.
She called on Government to take heed of their request and withdraw any increases in taxing the gaming industry while legislation is before the Joint Select Committee (JSC).
“Over the last year, various stakeholders have been in communication with the Ministry of Finance and participating with the JSC in developing relevant and fair gaming legislation that will regulate the industry, yet without any notice or consultation the taxes on the industry was dramatically increased,” Persad said.