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Bulgarian Parliament increases tax on gambling
27/11/2009, Casino
Bulgaria's Prime Minister Boyko Borisov declared himself for a gambling tax of 15%. Gambling on sports is taxed at 10% of revenue, while other games of chance, such as lottery, casino games, bingo, are taxed with 12% in present. The new tax on gambling machines and roulette tables will be increased from the 1st of January 2010. Gambling operators protested against this decision, saying that even the smaller rise to 12% would have brought a BGN 500 million loss for the budget and they hopped the new tax would bring a slump instead of a growth in revenue. The Bulgarian Parliament voted at first reading on the 4th of November 2009, for an increase of the tax rate on gambling activities from 10% to 12%. The tax rate on gambling was raised two years ago from 8 to 10%. “Under pressure by an unbalanced Finance Minister and Ivan Kostov, an outright liar and the father of corruption in Bulgaria, a genocide against the Bulgarian business is being performed. This is not just with respect to gambling, this is a genocide against the whole business sector in a time of crisis,” said Vasil Bozhkov, the richest Bulgarian businessman, involved in the gambling business. Related news
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