Holland Casino concerned over tax hikes
9 Nov 2007
HOOFDDORP, The Netherlands -- As reported by Expatica: "Holland Casino, the only company permitted to operate casinos in the Netherlands, is concerned for its future if the cabinet pushes through a dramatic increase to the tax on slot machines. The gaming company announced this on Friday.
"The cabinet wants to convert the 16-percent value added tax on the machines into a gaming tax of 40.85 percent. Parliament still has to express its view on the matter. Holland Casino says that the tax hike could put the continuity of the company in danger and prevent it from turning a profit.
"Holland Casino currently books profits of EUR 80 to 90 million a year. A higher tax rate will result in losses of tens of millions each year, a spokesperson said. The current value of the company, roughly EUR 1 to 1.5 billion, will fully evaporate as a result..."