EXPERTS WORLD NEWS Czech Treasury demands higher tax take from gambling 3 weeks ago Iwo Bulski Post Views: 68 The Ministry of Finance of the Czech Republic has notified national media of its intent “to implement tax changes on gambling”. The notice was declared by Czech Finance Minister Zbyněk Stanjura, who is currently drafting new measures for the national budget in which the Civic Democratic (ODS) government has “emphasised delivering savings of Kč 70bn (€3bn).” The savings target is required as the Treasury seeks to maintain the Czech Rep’s national deficit at Kč 295bn (€12.6m), to avoid debt-to-GDP reaching its highest record of +46% in the CEE nation’s history. Czech Gambling is reported to contribute Kč 9bn (€390m) per year to the state budget. Though unspecified by Stanjura, the finance minister believes that tax changes could see Gambling contribute an extra Kč 1bn to state funds. In 2020, following three years of deliberation, the Czech ANO (Citizens) government approved for the Treasury to enforce a new 23-to-35% tiered GGR tax charge be implemented across all licensed products allowed under the Czech Gambling Act (lottery, sports betting, totaliser games, bingo, live gaming, slot machines and raffles). Prior to the decision, foreign operators such as William Hill and GVC Holdings (formerly Entain Plc) had departed the market stating that tax terms were unviable for the market. Of consequence, Czech Gambling has come under the control of the domestic duo of Fortuna Entertinament and TipSport, maintaining the majority of market share for sports betting and gambling, alongside SAZKA as the operators of the Czech National Lottery. Stanjura noted that the Treasury would listen to any proposition on savings, in which his budget will aim to prioritise reducing expenses over implementing taxes on income. A tax hike on gambling is preferred by the Ministry, which will avoid adopting new taxes on consumer goods such as implementing a consumption charge on wine – an approach implemented by other EU member states . Source: sbcnews.co.uk About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: Czech, foregin operators, tax, Tipsport Continue Reading Previous Blockchain Africa: Empower Africa for global competitionNext Online casinos may lead Africa to become Global Technology Hub More Stories EXPERTS SOUTH AFRICA Operators Betting Big On Africa’s Booming iGaming Industry 4 hours ago Iwo Bulski EXPERTS KENYA The Normalisation of Mobile Money in Sub-Saharan Africa 7 hours ago Szarlot ONLINE WORLD NEWS Pragmatic Play to exhibit as Premium sponsor in GAT Expo Cartagena 3 days ago Iwo Bulski EXPERTS NIGERIA How workers, agents impact on gaming industry 4 days ago Szarlot ONLINE WORLD NEWS Slotegrator partners with Panga Games 4 days ago Iwo Bulski EXPERTS NIGERIA How investing in Africa became the new trend 4 days ago Szarlot EXPERTS ZIMBABWE Goverment deploys technology to monitor gaming activities 5 days ago Samuel BETTING WORLD NEWS Parimatch suspends B2C operations in Ukraine 6 days ago Szarlot EXPERTS SOUTH AFRICA Three weeks until Big Africa Summit 2023 6 days ago Iwo Bulski EXPERTS SOUTH AFRICA Gambling sector is taking no chances with its future 6 days ago Samuel CASINO WORLD NEWS Celebrities who won huge money gambling 1 week ago Szarlot EXPERTS SOUTH AFRICA South Africa losing out on billions in online gambling taxes 1 week ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.