12   Annual rate for hoteliers

(1)  If the profits from all gaming machines kept in a hotel in a tax year do not exceed $25,000, tax is payable on the profits at the rate of tax rate 1 for the tax year.

(2)  If the profits from all gaming machines kept in a hotel in a tax year exceed $25,000, but do not exceed $200,000, tax is payable:

(a)  on $25,000 of those profits at the rate of tax rate 1 for the tax year, and

(b)  on so much of those profits as exceeds $25,000 at the rate of tax rate 2 for the tax year.

(3)  If the profits from all gaming machines kept in a hotel in a tax year exceed $200,000, but do not exceed $400,000, tax is payable:

(a)  on $25,000 of those profits at the rate of tax rate 1 for the tax year, and

(b)  on $175,000 of those profits at the rate of tax rate 2 for the tax year, and

(c)  on so much of those profits as exceeds $200,000 at the rate of tax rate 3 for the tax year.

(4)  If the profits from all gaming machines kept in a hotel in a tax year exceed $400,000, but do not exceed $1,000,000, tax is payable:

(a)  on $25,000 of those profits at the rate of tax rate 1 for the tax year, and

(b)  on $175,000 of those profits at the rate of tax rate 2 for the tax year, and

(c)  on $200,000 of those profits at the rate of tax rate 3 for the tax year, and

(d)  on so much of those profits as exceeds $400,000 at the rate of tax rate 4 for the tax year.

(5)  If the profits from all gaming machines kept in a hotel in a tax year exceed $1,000,000, but do not exceed $5,000,000, tax is payable:

(a)  on $25,000 of those profits at the rate of tax rate 1 for the tax year, and

(b)  on $175,000 of those profits at the rate of tax rate 2 for the tax year, and

(c)  on $200,000 of those profits at the rate of tax rate 3 for the tax year, and

(d)  on $600,000 of those profits at the rate of tax rate 4 for the tax year, and

(e)  on so much of those profits as exceeds $1,000,000 at the rate of tax rate 5 for the tax year.

(6)  If the profits from all gaming machines kept in a hotel in a tax year exceed $5,000,000, tax is payable:

(a)  on $25,000 of those profits at the rate of tax rate 1 for the tax year, and

(b)  on $175,000 of those profits at the rate of tax rate 2 for the tax year, and

(c)  on $200,000 of those profits at the rate of tax rate 3 for the tax year, and

(d)  on $600,000 of those profits at the rate of tax rate 4 for the tax year, and

(e)  on $4,000,000 of those profits at the rate of tax rate 5 for the tax year, and

(f)  on so much of those profits as exceeds $5,000,000 at the rate of tax rate 6 for the tax year.

Note. From the 2010 tax year, tax rates 1 and 2 are nil. Accordingly, no tax is payable on profits of up to $200,000.