Clause 3

by inserting, immediately after the words “casino operator” in subsection (4)(b), the words “, and the time and manner of such submissions”;

by deleting the word “and” at the end of paragraph (c) of subsection (4) and by inserting immediately thereafter the following paragraphs:“(ca)prescribing the treatment of losses, including the carrying forward or set-off of losses, in respect of gross gaming revenue;

by deleting subsection (5) and substituting the following subsection:“(5) Regulations made under this section may provide —

that any contravention of any provision of the regulations shall be an offence punishable with a fine not exceeding $10,000 or with imprisonment for a term not exceeding 12 months or with both; and

that if any return required under this Part (including regulations made under this Part) is not made by a casino operator within the prescribed accounting period, the casino operator shall be liable to a penalty not exceeding $1,000 for each day that it continues not to submit the return, up to a total penalty not exceeding $10,000.”;

by inserting, immediately before the definition of “Comptroller” in subsection (6), the following definition:“ “Board of Review” means the Board of Review appointed under section 78 of the Income Tax Act (Cap. 134);”;

by deleting the definition of “gross gaming revenue” in subsection (6) and substituting the following definition:“ “gross gaming revenue”, in relation to a casino operator, means the amount determined by the formula ” where Ais the aggregate of the amount of net wins received on all games conducted by the casino operator or conducted within the casino premises of the casino operator; andBis the amount of goods and services tax chargeable by the casino operator under the Goods and Services Tax Act (Cap. 117A) in respect of all gaming supplies made by the casino operator;”; and

by deleting the full-stop at the end of the definition of “Minister” in subsection (6) and substituting a semi-colon, and by inserting immediately thereafter the following definitions:“ “net win”, in relation to a casino operator, means —

in respect of any game where the casino operator is a party to a wager, the amount determined by the formulawhere Cis the amount of bets received by the casino operator on that game by reference to such method as may be prescribed in the regulations for that game; andDis the amount paid out by the casino operator as winnings on that game by reference to such method as may be prescribed in the regulations for that game; and

in respect of any game conducted within the casino premises where the casino operator is not a party to a wager, the amount determined by the aggregate value of all consideration in money or money’s worth received by the casino operator for conducting, or allowing the conduct of, the game;“winnings” includes any non-monetary prize.”.