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New gaming taxes in the CNMI as well
The Northern Mariana Islands continue to draw interest as Imperial Pacific International Holdings (IPI) develops a major venue. However, certain legislation changes would impact the business, with a new gambling tax. Representative Tina Sablan filed a bill to set a new gambling tax in the region, at 10% on net revenue. The other one, by House Gaming Committee Chairman Ralph Yumul is set to prevent IPI from writing off unpaid credit from its tax obligations. “No deduction shall be allowed from gross revenues for the unpaid balance of any obligation or credit extended for gambling or gaming,” Yumul’s bill states. Furthermore, it determines that “making loans or extending credit for the purpose of gambling can foster problem gambling”. Legislation would “discourage lending for the purpose of gambling by providing that unpaid balances on loans extended for gambling shall not be deducted from gross revenues.” (2019/07/29)
 
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