—(1) The promoter of any betting or sweepstake referred to in section 3 or 4 shall —
keep such books of accounts in respect of such betting or sweepstake as may be prescribed and shall enter in these books true and regular accounts of all moneys received by the promoter in respect of the betting or sweepstake and all costs, charges and expenses incurred by the promoter in promoting the betting or sweepstake;
draw up a statement showing the following:
the amount of stakes on all bets received in respect of each horse race, football game or sporting event, or other contingency in other forms of betting;
in the case of a sweepstake, the amount contributed to each sweepstake;
the amount of goods and services tax charged on the supply of the betting or sweepstake transaction;
where the promoter has received or negotiated bets at fixed odds on any football game or sporting event, the value in money of the winnings paid by or on behalf of the promoter on the results of the game or sporting event; and
such other particulars as the Minister may, by order in the Gazette, prescribe; and
pay to the Commissioner the amount of duty so chargeable in respect of the betting or sweepstake in Singapore dollar.
(2) The Minister may, by order in the Gazette, prescribe the time within which a statement referred to in subsection (1)(b) shall be delivered and the duty so chargeable shall be paid to the Commissioner.
(3) The Commissioner may in any case or class of cases, as he thinks fit, extend the time within which the statement under subsection (1)(b) and the duty chargeable shall be delivered and paid to the Commissioner.
History for Provision '6 Keeping of accounts and delivery of statement by promoter'.
01 April 2005
Act 14 of 2005