For casino owners in Trinidad and Tobago, this dramatic rise is rough and it will squeeze their power. According to Devant Maharaj, a former food production minister and deputy director of the National Lottery Management Board (NLCB), higher taxes on regulated casino markets will encourage illegal trading.
Last week, Treasurer Colm Imbert Trinidad and Tobago said casino operators failed to speak out after announcing a budget plan to overhaul the gambling tax system, angering many casino operators as they became more popular and more urgent to boost the economy.
Former Minister Devant Maharaj's view
Mr Maharaj explained that the sharp increase would encourage illegal gambling and flow into areas where fewer players are regulated. On the other hand, it will stimulate the illegal gambling market to grow exponentially. He added that people would prefer illegal gambling because they would avoid a 10% tax on their winnings. In 1993, along with the former NLCB's severe crackdown on the illegal operation of playwhii, former NLCB deputy director explained that Trinidadwhining was also interested.
Speaking of Imbert's budget, Maharaj said the finance minister allowed one big loophole. He failed to enforce current laws restricting illegal Whhe run by foreign Chinese. That's an estimated $100 million a year in taxes on illegal Whhe.