Armenia set to increase gambling turnover tax to 10%
The bill proposed a 10% turnover tax in addition to existing taxes and duties.
Key points:
– Volume of betting has increased substantially more than taxes collected
– The state budget could be boosted significantly with this bill
During the sitting of the Standing Committe on Economic Affairs in Armenia, raising taxes on the gambling sector was debated.
Armenian MP Hayk Sargsyan proposed the increase on gambling companies, with the draft law proposing a 10% turnover tax on top of existing taxes and duties.
Sargsyan underlined that volume of betting increased substantially between 2010 and 2023, by more than 440 times according to figures, but all the while taxes and duties collected have only increased 26 times.
He also explained that while measures have been introduced to restrict the gambling industry and increase tax on it, figures he has found regarding this show it has not been sufficient enough and that it is required that the tax figure is increased again.
Good to know: In June last year, the Armenian Parliament approved legislation which included new tax charges on gambling winnings, with a “large win” subject to a 5% income tax
The MP highlighted that this draft bill, in its current statem could provide about 100bn AMD ($0.25bn) more income for the state budget annually.
In other European news, the Swedish gambling authority, Spelinspektionen, has published new guidance relating to anti-money laundering and anti-terrorist financing, as well as a new risk assessment.
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