24Taxation

24 Taxation

(1)  In this section –

onboard gaming means gaming on a ship in respect of which a gaming licence has been issued;

[Section 24 Subsection (1) amended by No. 21 of 2000, s. 45, Applied:01 Jul 2000]

[Section 24 Subsection (1) amended by No. 21 of 2000, s. 45, Applied:01 Jul 2000] relevant percentage means –

(a) 7.91% in respect of any gaming by means other than a gaming machine; and

(b) 17.91% in respect of gaming by means of a gaming machine.

(2)  [Section 24 Subsection (2) amended by No. 31 of 2021, s. 187, Applied:01 Jul 2023] An operator must pay to the Commissioner of State Revenue, as a tax on the gross profits derived by that operator from onboard gaming each month, a sum equivalent to the relevant percentage of the amount of that gross profit.

(3)  [Section 24 Subsection (3) amended by No. 31 of 2021, s. 187, Applied:01 Jul 2023] A sum payable by way of tax under subsection (2) , is to be paid to the Commissioner of State Revenue on or before the seventh day of the month following the month to which that tax relates.

(4)  For the purposes of subsection (2) , the gross profit derived in any month from onboard gaming is to be calculated –

(a) by deducting from the total amount received in that month from gaming, the amount paid out during that month as winnings in respect of gaming; and

(b) then –

(i) if the value of the unredeemed tokens at the end of the month is greater than it was at the beginning of the month – by adding to the amount ascertained under paragraph (a) , the difference between those values; or