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Bulgaria Ditches Tax Cut For Online Gambling Firms

By Ulrika Lomas, Tax-News.com, Brussels

20 November 2012


Revenues received from on-line gambling stakes will continue to be taxed in Bulgaria at 15% from January 1, 2013, following the second reading of amendments to the country's Value Added Tax (VAT) Act.

Parliamentarians had considered reducing the 15% tax on gambling to 7% for online operators, as an incentive to encourage gambling websites to seek licenses in Bulgaria, but it was argued that even a 7% rate would not attract new licensees and the gaming industry was opposed to there being two different rates.

According to a Gambling Bill passed in March 2012, unregistered sites will be blacklisted, with Internet Service Providers facing prosecution and fines if they fail to block access to them. The filtering of unregistered sites is expected to begin from March 2013.

TAGS: tax | value added tax (VAT) | interest | gambling tax | banking | Bulgaria | offshore | gambling | legislation | tax rates | legislation amendments

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