This week Singapore's parliament announced that they've passed the Gambling Duties Act 2022, which will raise the tax rate paid by gambling operators to 18%.
The raise is 3% from the previous 15% rate that operators currently pay. Operators would face a threshold of SGD3.1 billion, and anything above that would be taxed at 22%.
Premium players with more than SGD100,000 in their accounts will face a tax rate moving from 5% to 8% with a threshold of SGD2.4 billion. Anyt amounts above that would be taxed at a rate of 12%.
With the passage of this bill, tax rates would remain in place through March 1st, 2032.
Online gambling is continuing to grow in Singapore, and the country's Minister for Finance Lawrence Wong commented, noting: "Trends are moving towards online gambling, but we are more concerned with the illegal space than the regulated space. If technology makes it easier for people to gamble anywhere and everywhere, then such illegal online gambling will continue to grow.
"The government continues to keep a close watch to monitor the issue of problem gambling, including problem gambling online."