By KHRISNA RUSSELL
Deputy Chief Reporter
WEB shop patrons will have to pay five percent stamp tax on in-store deposits to accounts and any digital online sales, effective July 1, 2018.
Although not implicitly stated in yesterday's budget presentation, it is presumed this tax will be applied based on the dollar value of the deposit or winning amount.
According to Finance Minister K Peter Turnquest, the government is also increasing taxation on gaming house activities with the introduction of a sliding scale of rates applied to taxable revenue.
"To facilitate this," he told parliamentarians during the 2018/2019 Budget Communication, "we are proposing a number of measures that are designed to generate additional revenue to the government.
"Specifically, we are increasing the taxation of gaming house activities through the introduction of a sliding scale of rates applied to taxable revenue, namely: up to $20m, a rate of 20 percent; between $20m and $40m, a rate of 25 percent; between $40m and $60m, a rate of 30 percent; between $60m and $80m, a rate of 35 percent; between $80m and $100m, a rate of 40per cent; and over $100m, a rate of 50 percent.
"Also, the taxation of gaming patrons through a five percent stamp tax to be levied on both deposits made by patrons at the gaming houses and any non-online games/digital sales..."