FINANCE Minister Colm Imbert has said that an “overhaul of the gambling framework” in this country has been “outstanding for a very long time.”
He was introducing the Gambling (Gaming and Betting) Control Bill, 2021 at Senate on Friday.
He said the local gambling sector is governed by “archaic legislation” which pre-date the invention of the cell phone and the internet. He added this country only gets a fraction of the estimated revenue it should be getting from the gambling sector.
“This sector continues to be unregulated in Trinidad and Tobago despite the fact that the legislation is archaic.”
He also said he wanted to make it clear that this bill “has nothing to do with amusement gaming machines” in bars. He said that is regulated by the Liquor License Act.
“And I’m saying this to pre-empt any false accusations from the opposition that this bill is going to destroy the bar industry. This bill has nothing to do with the bar industry.”
It requires the special three-fifths majority of Parliament.
He said the bill protects minors and other vulnerable people from being exploited, establishes a gambling and gaming and betting control commission “to ensure accountability from the top,” among other things.
The taxes payable on Rum 32 tables, Sip Sam tables and Caribbean Stud Poker tables are $150,000 per annum, each.
For blackjack tables, roulette tables and electronic roulette devices, it is $120,000 per annum while it’s $24,000 for every slot machine.
For dice tables, the taxes payable are $70,000 per annum, and for poker tables and all other tables or devices, it is $60,000 per annum.”
“TT is the only country in the world that has an unregulated gambling sector,” Imbert said.
“These provisions protect the vulnerable but also ensure all gambling activities is conducted in a fair and transparent manner, and the revenue that is generated from the regime will benefit all of society, not just those who participate in gambling.”
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