During a second reading of the Private Lotteries Bill 2011 in parliament, Singapore’s Second Minister for Finance and Transport, Lim Hwee Hua, announced that the government will lower the private lottery duty for fruit machines to 9.5% of actual gross turnover, instead of the 12% planned earlier.This reduced tax rate of 9.5% takes into account both the data and feedback from all the clubs, as well as the change in Singapore’s gaming landscape.
The government will, thereby, forego SGD25m (USD19.5m), or about 8%, of the private lotteries tax collection. The majority of the clubs will pay less tax than they are currently paying. Full story
