Seoul government turns down Jeju’s proposal for gaming tax hike

A proposal that sought to double the gross gaming revenue (GGR) tax in South Korea’s Jeju Island has been rebuffed by the national government in Seoul, Union Gaming Securities Asia said on Monday.

Authorities in Jeju were proposing a gaming policy package that would see the taxation on GGR increase from 10 percent to 20 percent, according to Union Gaming. Additionally, Jeju government also wants to implement “three-year license renewal audits” and to impose restrictions on the transferability of casinos licenses.

The brokerage did not provide any details on why the proposal was turned down.

Jeju island may be considered a self-governing province that is able to run its own casino-related development programs, but it still needs to get approval from the national government in Seoul on certain policy matters such as modifying tax rates.