Sat, Nov 21 2009

Bulgaria could raise gambling tax to 15% from January 2010

Thu, Nov 05 2009 09:39 CET byDnevnik.bg 896 Views
Bulgaria could raise gambling tax to 15% from January 2010

Photo: Reuters

Bulgaria’s tax on gambling could be raised to 15 per cent as early as next year, according to a Cabinet plan made public on November 4.

Amendments to the Corporate Revenue Act adopted by Parliament at first reading on November 4 increased the tax rate to 12 per cent from 10 per cent. But Parliament's budget committee chairperson Menda Stoyanova has said that there could be an even more dramatic increase, hinting at the 15 per cent benchmark.

Her proposal came as a poll commissioned by the Ministry of Finance showed that raising the corporate tax on gambling enjoyed the broadest public support and was approved by 84 per cent of the respondents.

Fixed-odds sports betting outfit Eurofootball is now paying the brunt, with sports and national lottery bets now taxed at 10 per cent of turnover and not on the profit. The company said in a statement that the gambling tax was about five or six times higher than the tax imposed on other commercial entities operating on the Bulgarian market because it was based on the entire turnover, without deducing payment and activity expenses.

Source: Dnevnik

Write comment

Name:Comment:

Generate new code
Send your comment

More in this category

Bulgarian MPs resurrect proposal to raise spirits excise

Strong public opposition to price hikes prompted Prime Minister Boiko Borissov to axe the Finance Ministry proposal to increase the excise duty on spirits, but MPs have put it back on the agenda.

Back to the future

Bulgaria’s Cabinet seeks to reverse recent changes in the telecommunications sector

At a crossroads, again

Kremikovtzi’s prospects for a recovery plan appear increasingly distant

Cash or card?

Bulgarians are getting the hang of debit and credit cards, MasterCard says

Bulgarian telecom Spectrum Net acquires local peer Orbitel

The two telecoms, both set up to challenge former fixed-line state monopoly BTC, will merge operations and expect to report 20 million euro in revenue and a gross profit of five million euro in 2010.

© 2000-2009, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.