The Japanese government is considering the introduction of a withhold tax on winnings by non-resident foreigners gambling at the country’s yet-to-be-built casinos. The system currently considered by Japanese lawmakers, casino winnings will be taxed in a manner similar to horse racing, one of the few legal gambling options on the territory of Japan.
Japan will thus levy a tax on the difference between the value of the chips purchased by a non-resident foreigner and the amount of chips converted back into cash.
In addition, country lawmakers mull introducing rules that would make it compulsory for operators of local casinos to keep records on chip purchases and win-loss results. That requirement will aim to prevent casino patrons from pretending that chips they have won are ones they had purchased, or from leaving some of their chips with a friend on the gaming floor to reduce the amount of winnings declared.
The proposed tax regime is expected to be included in the outline of tax reforms for the upcoming fiscal year. The plan is expected to be finalized by lawmakers by the end of the month and to be implemented after April 2021, sources also revealed.
No Copyright infringement intended. Video/Photo Unknown Direct for credits/issue or text us +57 3606412 ... | Respect to Photographers & Influencers
