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Fair Tax on Online CasinosPublished December 4, 2008
South Africa regulates the online gambling industry and imposes a nominal tax on operators.
Trevor Manuel decides to lay down the law and it's working well for South Africa's online casino industry.
South Africa's government is a firm believer in allowing online casinos to operate, provided they are firmly regulated under new laws.
Finance Minister Trevor Manuel believes that by fairly taxing online casinos there will be a lower tendency for black market activity to thrive. As such the new Interactive Gaming Tax Bill has been proposed to parliament.
Under the proposed legislation, gross gambling revenues will be taxed within the online gambling industry. The National Gambling Amendment Bill was passed earlier in 2008 and imposes a special tax upon sites operating within SA cyberspace.
The changes will allow South African authorities to retain control over online gambling activities. The local market will be protected by greater accountability, regulation and registration according to the proposed Bills.