Ukraine set to reduce taxes for gambling companies

Ukraine’s unicameral parliament, the Verkhovna Rada, has supported bill 2713-D in its first reading

Ukraine’s unicameral parliament, the Verkhovna Rada, has supported note 2713-D inward its firstly reading.

The banker's bill intends to concentrate taxes for those organising gaming and lotteries, and was voted inwards favour past 252 Members of Parliament on Thursday.

The invoice states that the in agreement(p) yearly fee for online casinos at $200,000 a twelvemonth is “one of the highest in Europe."

Instead, the note recommends that thither is a go under taxation place in place, which testament live based on income or gross gaming revenue.

The place revenue enhancement grade testament live received by the organisers of online casinos and online poker game games at 10%.

Those operating expansion slot machines and play inward land-based casinos testament follow taxed at 12.5%, piece bookmakers testament be taxed 5% and those issuing lotteries 10%.

In add-on to the go under rates, play organisers testament get to pay a canonical income tax; however, winnings inward gaming and lotteries will follow free from personal income task and military tax.

It was only in July cobbler's last year when the Verkhovna Rada legalised gambling inward Ukraine; the lawmakers highlighted that the legalisation of such businesses should convey inward $150m to $200m inwards tax revenue.

Earlier this yr in May, Ukrainian lawmakers were warned past a Parliamentary committee to not thin taxes.

The Scientific and Expert Management Committee of the Ukrayina Parliament said in that respect was non sufficiency grounds to warrant a minify inwards gambling tax.

It also said an capture task policy must live in localize to minimise job gambling, and encourage operators to give to social programs that address the negative impact of gambling.