Online gambling tax slashed by 50% in Bulgaria
ONLINE gaming tax is being cut by 50% after the government realised that no foreign operators would apply for licenses if the rate remained 15% of stakes. The news came from sources from sources from Citizens for European Development of Bulgaria (CEDB) said for Bulgaria on AIR.
The motive for the tax decrease is that the returns of the stakes exceed 95%. “Thus no foreign operator would come to Bulgaria, because the taxation would be very high. In practice the tax in Bulgaria is twice bigger that in France or Malta”, the source from the Parliamentary Budget and Finance Committee commented.
After legislation is passed in March, any gambling web domain not registered with the State Gambling Commission will be placed on a blacklist. ISP’s could also face prosecution and fines of up to £8,500 if they failed to block Bulgarian players. This means players will also have to register if they’re to partake in online sports betting.
According to reports, the new licensing and regulation would bring in 50m (Euros) in additional tax revenue.
