Industry Fears Illegal Gambling Surge After 15% Deposit Tax
Highlights
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The bill that proposes a 15% tax on player deposits and retrospective taxes on licensed operators sparks concerns over the legal landscape.
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Brazil’s industry pointed out that such measures can fuel the growth of the illegal market.
The Brazilian Senate plenary passed the Antifaction Bill on Wednesday. The bill claims to increase penalties on criminal groups, and also to introduce a 15% tax on player deposits made to licensed platforms. While these measures come to fold sooner, there have been fears of the impact of black market activity in the future.
The total collection from the newly formed CIDE Bets tax will be transferred to the National Security Public Fund. The generated revenue from this new tax is estimated to be around BRL30 billion ($5.5 billion).
Another significant measure of this Antifaction Bill postulates the resurrection of RERCT Litígio Zero Bets, as this shall enforce licensed operators to pay 15% retroactive tax in correspondence to their iGaming platform’s business operations from 2018 to 2024.
The Brazilian Institute of Responsible Gaming only cited that the CIDE-Bets Tax could only benefit illegal operators with a competitive edge.
The industry body warned of the crippling effect that retrospective tax can have on the nation’s gaming industry.
For information, Refer Here!
The total collection from the newly formed CIDE Bets tax will be transferred to the National Security Public Fund. The generated revenue from this new tax is estimated to be around BRL30 billion ($5.5 billion).
Another significant measure of this Antifaction Bill postulates the resurrection of RERCT Litígio Zero Bets, as this shall enforce licensed operators to pay 15% retroactive tax in correspondence to their iGaming platform’s business operations from 2018 to 2024.
The Brazilian Institute of Responsible Gaming only cited that the CIDE-Bets Tax could only benefit illegal operators with a competitive edge.
The industry body warned of the crippling effect that retrospective tax can have on the nation’s gaming industry.
For information, Refer Here!
