Casino tax revenue in Mozambique plunges 19,2% in Q1 2024
In a report released on Thursday detailing the first-quarter execution of the Economic and Social Balance of the State Budget of Mozambique, it was revealed that revenue from casino taxes experienced a significant decrease year-on-year during the initial three months of 2024.
The Special Tax on Gaming, applied to casinos' gross gaming revenues, suffered a notable 19.2% year-over-year reduction from January to March 2024. This resulted in a collection amounting to 71.4 million meticais, a stark contrast to the 88.4 million meticais gathered over the same timeframe in 2023.
Casino operators in Mozambique are governed by strict regulations set forth by the National Directorate of Games of Fortune or Chance. These regulations mandate that concessionaires hold a minimum share capital of 170,6 milhões meticais and commit to investing at least 347,6 milhões meticais within a five-year period following the issuance of their license.
Furthermore, casinos are subjected to a tiered tax rate depending on the length of their concessions, with rates ranging from 20% for those valid for up to 14 years to 35% for those spanning between 25 and 30 years. Additionally, operators are required to pay a Stamp Tax equivalent to 50% of the ticket prices sold at their venues.
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