NagaWorld reaches $15M tax settlement with gov’t

[geovalin]

 

Hor Kimsay

 

NagaWorld, Phnom Penh’s landmark casino resort complex, paid more than $15 million last week to settle its tax liabilities on non-gaming business operations following a government audit of its parent company’s 2015 financial statements, a Ministry of Economy and Finance (MEF) official said yesterday.

 

Ros Phirun, deputy director-general of the ministry’s finance industry department, said that in the past NagaCorp, the Hong Kong-listed parent company of NagaWorld, paid a lump-sum tax on Cambodian non-gaming revenue because its 700-room hotel and entertainment complex was still under development. However, as the complex has been fully functional since 2014 it was time to adjust this tax rate.

 

“We just needed to verify some data and after mutual discussions, NagaWorld agreed to pay,” he said. “The company has shown good cooperation with us and already paid an extra tax payment of more than $15 million last week.”

 

read more http://www.phnompenhpost.com/business/nagaworld-reaches-15m-tax-settlement-govt

 

 

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[elgordo38]

That is what I call giving the Goose that lays the gold egg a double squeeze.