Online Casino Transfer: News - Bulgarian Casinos Doing Well

03/13/2010		Online Casino Style: News Bulgarian Casinos Doing Well
Home History Games News Dictionary		Interestingly enough, while the financial institutions are set against the online gambling industry in the US, in Bulgaria the online casinos are well-outdoing the success of the banking world in terms of money earned for the government through taxation. According to the local newspaper, the Sega Daily, the profits declared by internet gambling companies managed to exceed the total profits made by the Bulgarian banking system in 2009. According to the report, the combines contributions through bingo halls and casinos summer to an impressive BGN 99.5 million in taxes to the system, while the banks will only have given over BGN 78 million of their BGN 780 million in revenue for the year. The tax numbers come after a debate arose in the nation just last year as the possibility of increasing the levies on gambling products to 15 percent was considered. The proposal reportedly had the support of 84 percent of voters, found a survey commissioned by the Finance Ministry. Fifteen percent was still deemed just a little high for an immediate shift, and a compromise was reached that took the tax rate for gambling companies from 10 percent to 12 percent. Amendments to the corresponding Corporate Revenue Act were then made, adopted by Parliament in November of last year. The question is once again on the table as Menda Stoyanova, the chairperson for the budget committee, suggestions that an even tougher increase could be in the industry’s near future, bringing the rate back up to the previously suggested 15 percent. For now, the casinos will find solace in knowing that they already contribute more money than many of the other industries – the financial sector among them. Fixed odds sports bets are a significant contributor, most of which are processed through EuroFootball. Sports and national lottery bets both are the primary factors in the Bulgarian gambling industry’s success. Because of this EuroFootball is arguing adamantly against the proposed changes, claiming that the gambling taxes are already five to six times higher than other regions.

03/13/2010

Online Casino Style: News
Bulgarian Casinos Doing Well

Interestingly enough, while the financial institutions are set against the online gambling industry in the US, in Bulgaria the online casinos are well-outdoing the success of the banking world in terms of money earned for the government through taxation. According to the local newspaper, the Sega Daily, the profits declared by internet gambling companies managed to exceed the total profits made by the Bulgarian banking system in 2009.

According to the report, the combines contributions through bingo halls and casinos summer to an impressive BGN 99.5 million in taxes to the system, while the banks will only have given over BGN 78 million of their BGN 780 million in revenue for the year. The tax numbers come after a debate arose in the nation just last year as the possibility of increasing the levies on gambling products to 15 percent was considered. The proposal reportedly had the support of 84 percent of voters, found a survey commissioned by the Finance Ministry.

Fifteen percent was still deemed just a little high for an immediate shift, and a compromise was reached that took the tax rate for gambling companies from 10 percent to 12 percent. Amendments to the corresponding Corporate Revenue Act were then made, adopted by Parliament in November of last year. The question is once again on the table as Menda Stoyanova, the chairperson for the budget committee, suggestions that an even tougher increase could be in the industry’s near future, bringing the rate back up to the previously suggested 15 percent.

For now, the casinos will find solace in knowing that they already contribute more money than many of the other industries – the financial sector among them. Fixed odds sports bets are a significant contributor, most of which are processed through EuroFootball. Sports and national lottery bets both are the primary factors in the Bulgarian gambling industry’s success. Because of this EuroFootball is arguing adamantly against the proposed changes, claiming that the gambling taxes are already five to six times higher than other regions.