Online Casino Transfer: News - Bulgaria Decided on Tax Rate

04/12/2010		Online Casino Style: News Bulgaria Decides on Tax Rate
Home History Games News Dictionary		A final decision has been made on the taxation rate for online gambling in Bulgaria this week, as word hits the internet casino community that the local government has come to an agreement on a “fair” rate, hoping that the number for the levy will be competitive enough to attract new business, but high enough to justify the risks taken by legalizing online gambling. The incentive to do so is clear enough – as the industry continues to grow in spite of economic difficulties in other markets, a tax on gambling of all forms of gambling in Bulgaria will provide a much needed source of income. The decision was a long one in coming, as unions, tax authorities and employers all had to agree to some degree on the final rate. That base rate for all forms of gambling has been decided at 10 percent, with different products liable to additional levies if applicable. According to a report by the local newspaper, Novinite, negotiations on the issue have been successfully completed, with all parties agreeing to a base tax rate of 10 percent for the European nation of Bulgaria. The tax proposal was set forth by the Finance Ministry. The official announcement was made by the Executive Director of Bulgaria’s National Revenue Agency (NAP), Krasimir Stefanov just this week, publicizing that the Tripartite Cooperation Council had ratified the proposed rate. The new levy will be applied to all winnings from any sort of bet, from land based to online casinos, horse races and professional sports. The 10 percent rate alone, Stefanov said, has the potential to raise as much as 150 million in local currency every year.

04/12/2010

Online Casino Style: News
Bulgaria Decides on Tax Rate

A final decision has been made on the taxation rate for online gambling in Bulgaria this week, as word hits the internet casino community that the local government has come to an agreement on a “fair” rate, hoping that the number for the levy will be competitive enough to attract new business, but high enough to justify the risks taken by legalizing online gambling. The incentive to do so is clear enough – as the industry continues to grow in spite of economic difficulties in other markets, a tax on gambling of all forms of gambling in Bulgaria will provide a much needed source of income.

The decision was a long one in coming, as unions, tax authorities and employers all had to agree to some degree on the final rate. That base rate for all forms of gambling has been decided at 10 percent, with different products liable to additional levies if applicable. According to a report by the local newspaper, Novinite, negotiations on the issue have been successfully completed, with all parties agreeing to a base tax rate of 10 percent for the European nation of Bulgaria. The tax proposal was set forth by the Finance Ministry.

The official announcement was made by the Executive Director of Bulgaria’s National Revenue Agency (NAP), Krasimir Stefanov just this week, publicizing that the Tripartite Cooperation Council had ratified the proposed rate. The new levy will be applied to all winnings from any sort of bet, from land based to online casinos, horse races and professional sports. The 10 percent rate alone, Stefanov said, has the potential to raise as much as 150 million in local currency every year.