Representatives from the junket sector on Tuesday urged for the local government to assist the sector in collecting bad debts and reduce gaming taxes, according to a report from Macau Business.
During a talk held at the MGS Entertainment Show, Tak Chun Group CEO Levo Chan said that there was a need to find a balance for taxation. “We have to find a balance for the taxation. It can be difficult for the sector and if some tax changes can be made from the top down we can continue the healthy development of the gaming industry,” said Chan, quoted by Macau Business.
Chan also suggested that bad debts could be deducted on gaming taxes, and said that authorities could assist junkets in collecting bad debts. “In the gaming industry we face a large amount of bad debt. It’s a high-risk industry, just like banks or financial institutions in Hong Kong, but these financial industry have very strict requirements for loans, while in Macau some players can just pull some strings and get a lot of money. It’s not easy for us to follow these regulations since players can just go to other companies. The government to talk with the industry to solve or legalize bad debts, or help us collect them or include them in tax reduction,” he said.
Vice-Chairman and Executive Director of David Group, Weena Sae-Kee said there should be a mechanism to collect debts even outside of Macau.
Chairman of Macau Junket Association, Kwok Chi Chung, suggested that Big Data could be used to create a central database to provide a credit history of different players. “We’re still waiting for the government decision, for us it’s essential for us to collect all those loan information,” he said.
In related news, director of the Gaming Inspection and Coordination Bureau, Paulo Martins Chan, said his department expects to finish its review on junket operators by the end of the month, Macau TDM reports. Chan however revealed that in the review, the bureau found that some had failed to meet their standards. (AGB)