Argentina raises online gambling tax to 5%
The Argentine Chamber of Deputies has passed a law that will increase the online gambling tax rate from 2% to 5% in 2021. The new law was added to the National budget proposed by Economy Minister Martín Guzmán. The tax will apply to any online betting transaction. There’s also a 10% rise for the companies that operate in low-taxation countries.
Guzmán stated his budget plan was a “key step in our journey: a nation that grows and that provides jobs and certainties.” He added: “Our economy’s recovery with macroeconomic stability is our horizon and the budget, our tool; and the key element in our strategy.”
Reportedly, online gaming earns close to $2.4bn in revenue annually in Argentina, but because the gaming sector is barely regulated by the federal government, Argentina barely benefits. According to the new proposal, 95% of the revenue will be given to the country’s provinces. The government will have the right to check bank and billing data to keep track of online bets. Arsat, the Argentinian telecommunications company, will help monitor gambling activity.
The country’s jurisdictions are working to establish their own regulations. Some drafted short-term proposals while others allow provisional operations. Buenos Aires prepared final regulations for online gambling that was approved in September.
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