The European City of Dreams Mediterranean project by Melco Resorts & Entertainment may encounter new difficulties as a result of the impending income tax cut for casinos in northern Cyprus. The parliament of the north recently approved a two-pronged reform that includes this tax reduction in order to modernize the taxation of casinos in the area.
The income tax rate for casinos will be halved under the new reforms, but the rates for each gaming table and slot machine will rise by 17%. The intention is to discourage casinos from underreporting their earnings because they must pay income tax equal to or more than the amount they pay in gaming services tax.
The income tax rate for casinos will be halved under the new reforms, but the rates for each gaming table and slot machine will rise by 17%. The intention is to discourage casinos from underreporting their earnings because they must pay income tax equal to or more than the amount they pay in gaming services tax.