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The proposed decrease in gambling tax approved in Bulgaria

gambling taxThe Bulgarian Parliament has approved amendments to the Gambling Act that will lead to a threefold reduction in gambling tax in the country.

According to the Novinite.com website, the amendments were passed with 110 votes in favour, 79 against and two abstentions.

The proposal was motioned by MPs of the Bulgarian Socialist Party (BSP) and the Movement for Rights and Freedoms (DPS), headed by the chair of the parliamentary budget committee, Yordan Tsonev.

As a result of the vote, from next year a corporate tax will be levied on bookmakers, lottery and lotto games organisers, as well as poker and online casinos.

Operators that wish to attain and maintain a gambling licence in the country will have to pay a two-component fee, the first being a single fee of BGN100,000 (€51,127/$69,464) and the second being a monthly fee comprising 20% of the difference between the collective value of bets and their paid winnings.

Authorities said that the new amendments would reduce tax on gambling activities, with the threefold reduction doubled for the Bulgarian Sports Totalizer and almost tripled for online gambling.

Current regulations subject operators to a 15% tax on turnover. >>  Read this article about it

Many foreign bookmakers had been discouraged from operating in the country due to the existing regulations, but the Bulgarian Government hopes to attract more and increase budget revenues from the sector as a result.

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