EXPERTS WORLD NEWS Czech Treasury demands higher tax take from gambling 2 years ago Iwo Bulski Post Views: 231 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 The role of Central banks in shaping crypto betting policies in Africa 6 hours ago Samuel CASINO WORLD NEWS Exploring top travel destinations for gamblers: Where to play and what to see 6 hours ago Samuel ONLINE WORLD NEWS New partnership: Endorphina and GBO group 1 week ago Iwo Bulski EXPERTS WORLD NEWS Endorphina nominated for best slot game provider at Sigma Europe 2024 1 week ago Iwo Bulski EXPERTS UGANDA What algorithms tell us about our borrowing habits 1 week ago Samuel EXPERTS NIGERIA Which Operators Secure Nigerian Sports Betting Licences 2 weeks ago Samuel ONLINE WORLD NEWS Pragmatic Play releases a sugary journey with Candy Corner 2 weeks ago Iwo Bulski EXPERTS SOUTH AFRICA SA Gaming Marks 15 Years with Premium Live Game Offerings at SiGMA Europe 2024 2 weeks ago Iwo Bulski CAMEROON EXPERTS Online Gambling in Cameroon: Trends, Platforms and Security 2 weeks ago Samuel CASINO WORLD NEWS SCCG Management partners with Slot Machines Unlimited 2 weeks ago Samuel EXPERTS SOUTH AFRICA Charting South Africa’s exponential growth: the insider view 2 weeks ago Szarlot EXPERTS WORLD NEWS NOVOMATIC builds the Group’s largest photovoltaic system in Lower Austria 2 weeks ago Iwo Bulski 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.