Federal Deputy Pauderney Avelino presented a bill which would increase the tax rate from 12% of Gross Gaming revenue (GGR) to 25%.
According to the justification of the bill the new tax rate would “align Brazil with international practices, where the rates applied to GGR vary between 20% and 30% in major regulated jurisdictions, such as the United Kingdom, Spain, and Portugal.”
The lawmaker argued that: “The new level maintains the competitiveness of the national betting market, ensuring the economic sustainability of the operator agents while increasing the state’s ability to revert part of this revenue into public policies of social interest.”
According to the deputy, the amounts directed to social security will focus on addressing the growing demands of public health, especially those related to mental health, prevention of addiction, and educational campaigns on responsible gaming.
“The adjustment proposed in § 1-A of Article 30 of Law No. 13,756, of 2018, also redefines the distribution of resources among the operator agents and the existing allocations, without compromising the economic balance of the betting operations. With the new wording, 75% (seventy-five per cent) will continue to be allocated for the operational and maintenance expenses of the operator agent, and 19% (nineteen per cent) will still be directed to the purposes already established in the law, preserving the other beneficiary public policies.”
Momentum is gathering for a tax increase on the sector. The announcement comes after the leader of the ruling party the Workers’ Party (PT) in the Chamber of Deputies, Lindbergh Farias introduced a bill that would increase taxes on the industry from 12% to 24%.
The post Brazilian deputy puts forward bill that would increase tax rate to 25 per cent GGR appeared first on G3 Newswire.
Federal Deputy Pauderney Avelino presented a bill which would increase the tax rate from 12% of Gross Gaming revenue (GGR) to 25%. According to the justification of the bill the new tax rate would “align Brazil with international practices, where the rates applied to GGR vary between 20% and 30% in major regulated jurisdictions, such…
The post Brazilian deputy puts forward bill that would increase tax rate to 25 per cent GGR appeared first on G3 Newswire.