Gambling Tax Revenues Rise on S.Korea
June 27, 2016 Taxation in South Korea
New information released on June 27th by the National Gambling Control Commission of Korea indicates that the total tax revenues derived from taxation of gambling activities rose by 4 percent in 2015 compared to the level seen in the previous year.
The total of tax revenues collected from gambling activities reached KRW 2.42 trillion in 2015, compared to a total of KRW 2.32 trillion over the course of the previous year.
The rise in tax collections was spurred by a 12.1 percent increase in collection of taxes from casinos, and a 1.6 percent rise in collection of taxes from horse racing, which amounted to KRW 478.8 billion and KRW 1.45 trillion respectively.
Further, the taxes collected from bets on bicycle races and bullfights rose by 5.1 percent and 300 percent respectively.
The only major form of gambling to have experienced a fall in revenues was motorboat racing.
Some experts believe that over the course of 2016 the revenues to be collected from gambling activities will fall, as the tax rates on bets on horse racing, bicycle races, and motorboat races are set to be hiked.
Photo by: Håkan Dahlström