Tax on sports betting in Brazil is proposed to be reduced to 12%

The tax rate on income from betting in Brazil may be reduced to 12%.  The corresponding bill is under consideration in the Senate of the South American state.

Earlier the House of Representatives approved a draft law, according to which the tax on income from betting on sports was to be 18;%, but after consultation with the Ministry of Finance it was decided to reduce the tax rate by 6%.  Deputies believe that reducing the tax on sports betting will make licensed operators competitive in the fight against illegal bookmakers.

Recall that the bill allows to offer gambling only companies registered under Brazilian law in the country.

A three-year operator's licence will be available for 30 million Brazilian reals. Only licensed operators will be able to advertise sports betting. At the same time, they will not be allowed to offer bonuses to customers.

People aged 18 and over will be able to place bets. Payments of winnings to customers of online operators will be taxed at a rate of 30 per cent.