Ukraine to Reduce the Tax Rate For Gambling. The Most Relevant News of the Week From Around the World From UGW
Ukraine continues to develop the gambling business. Over the past week, the regulator issued several licenses to new gambling establishments, the Treasury Service announced a significant receipt of funds into the state budget, and the parliament members voted in favor of an important bill.
In Brazil, the government is trying to manage to launch betting before the 2022 FIFA World Cup, while in Georgia, lawyers are unhappy with the reduced cost of gambling licenses. Read more in our digest.
CRGL continues to issue licenses
The regulator issued a permission to open a gambling establishment in another hotel in Kyiv – Onovo Dendra Hotel. The first and second floors of the hotel will feature a slot machine hall or a betting shop. The total area of the gambling establishment will be 670.3 sq. m.
The same permission was received by Ulysses hotel in Odesa. The area of the future gambling venue will be 320.4 sq. m.
Another casino in Odesa will open at Black Sea hotel. Factor Credit Service LLC received permits for premises on the first and second floors of the hotel. The total area of the future establishment is 1400 sq. m.
The budget receives funds from gambling licenses
Last week, CRGL announced that the state budget received funds from HTL Ukraine, Softhab, Tech Giant, Galaxion, Stakelogic Ukraine, ST Gaming Ukraine and Gamedevlab. Each company paid UAH 1.8 million for permits on gambling.
In addition, the State Treasury Service confirmed that another UAH 78 million was received into the budget for previously issued permits. The casino located in the Premier Palace Hotel Kyiv paid UAH 72 million for the first year of a five-year license. Another UAH 6 million came from PokerMatch for online poker activities.
The Verkhovna Rada voted in favor of the bill No. 2713-d
At the plenary session of the Verkhovna Rada of Ukraine, the deputies voted for the bill No. 2713-d in the first reading. The adoption of this bill may attract international companies and investors to the country.
Bill No. 2713-d stipulates a reduction in tax rates for gambling operators. In addition, it removes taxation on winnings of less than 8 times of the minimum wage. Today this amount is 48 thousand hryvnias.
The bill will be considered in the autumn in the second reading.
Sports betting in Brazil to be launched by the end of 2022
After Brazilian President Jair Bolsonaro signed a decree on taxation of sports betting, the Ministry of Economy returned to the issue of regulating betting in the country.
Thus, the government plans to launch sports betting before the FIFA World Cup, which will be held in Qatar in November-December 2022. Thus, the resolution must be adopted by the end of 2021. However, the Brazilian government notes that it will not be easy to meet these deadlines.
Cost of gambling licenses reduced in Georgia
Due to the significant losses incurred by the Georgian gambling industry during the pandemic, the government decided to halve the cost of permits. Now the license costs 2.5 million lari, which is almost $804 thousand.
This measure is temporary. Such prices will be valid until January 1, 2022.
However, there were also opponents of such indulgence. The Georgian Young Lawyers Association believes that the taxation of gambling business in the state is already low. In addition, according to representatives of the association, there are many other industries in the country that have suffered much more from quarantine restrictions.
Stay tuned with latest news of Ukrainian gambling. Subscribe to Ukrainian Gaming Week newsletter and stay tuned for updates on our website.