VCN – The Ministry of Finance has just promulgated Circular 101/2017/TT-BTC guiding some articles described in the Circular No. 06/2017/ND-CP on horseracing, dog racing, and international soccer betting business.
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According to the Circular, before organizing betting business, betting operators send a written request to the Finance Department of provinces and cities under the Central Government, where racecourses are located, for establishing a control council.
Basing on the request, within 15 days from receiving the request, the Finance Department submitted the People’s Committee of cities and provinces where racecourses have located a decision on establishing a control council. The control council has right to request and decide inspection for any racing horses and dogs attending the race if necessary or suspecting signs of violation.
Horse racing and dog racing activities will be halted if the starting equipment and the camera identify the racing horses and dogs reaching the destination are not eligible, inaccuracy and dishonesty in the organization and result determination; races which are not organized in right schedule and place that announced; and frauds in race organization
The Ministry of Finance also stipulates that the determination of revenue and costs for tax declaration and payment of betting business is in accordance with the current law on tax.
The costs of betting business activity are total expenses for betting business that is defined in the law. In which, the reward is the actual amount that betting operators pay the bettors who win the bet according to provisions in betting rules and provisions of the law on tax.
The commissions for betting ticket agents are decided by betting operators and must be specified in agent contract signed between the betting operators and ticket agents.
Betting operators only pay the commission for betting ticket agents after finishing the confirmation of the amount of sold betting tickets and fulfillment of obligations prescribed in the signed contract of the ticket agents.
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Betting operators are responsible for deducting payable personal income tax of individuals as betting ticket agents before paying commission for them according to the law on tax.
The Circular will be effective from 1 December 2017
By Hong Van/ Huyen Trang