According to the Brazilian government news agency (La Agência Brasil) the Minister of Finance, Fernando Haddad, stated that the so-called BBB taxation, which taxes banks, income from financial investments, and sports betting, “is only unfair in the minds of people who are uninformed about what is happening in Brazil.”
“Without wanting to malign any economic activity that has legal support. That’s not what this is about. These are regulated activities. But we need to ensure that these activities correspond, regarding taxation, to what is the standard of the Brazilian economy,” he said.
During a public hearing in the Senate’s Economic Affairs Committee (CAE), Haddad said that “sectors that produce very negative externalities for society” are heavily taxed all over the world.
“Brazil is actually timid in its taxation. In some countries, it’s almost inaccessible to buy an alcoholic beverage,” he said, citing Scandinavia as an example. “You will pay dearly because every citizen there understands that these activities need to have another type of regulation.”
“It is the correct way to combat smoking, alcoholism, and psychological dependence. It’s not necessarily about prohibition because sometimes there are things that are difficult to prohibit. Although, in the case of betting, we have the technology today to, if this standoff continues, engage in a firmer battle with the sector,” he added.
According to the minister, betting activities, for example, need to contribute to what he called the collateral effects of entertainment that can generate dependency. “It’s not like going to an amusement park or a concert. It’s a different type of entertainment that generates dependence and must be treated that way.”
“It’s not about demonizing. It’s about calling a thing by its name. Without any type of difficulty,” he concluded.
The post Brazil’s Finance Minister defends increased taxes on online gambling appeared first on G3 Newswire.
According to the Brazilian government news agency (La Agência Brasil) the Minister of Finance, Fernando Haddad, stated that the so-called BBB taxation, which taxes banks, income from financial investments, and sports betting, “is only unfair in the minds of people who are uninformed about what is happening in Brazil.” “Without wanting to malign any economic activity…
The post Brazil’s Finance Minister defends increased taxes on online gambling appeared first on G3 Newswire.