Bulgarian parliament voted at first reading on Wednesday in favor of an increase in the tax rate on gambling activities from 10% to 12% as part of amendments to the Corporate Income Tax Act.
Should it be adopted at second reading, the change will come into force at the beginning of 2010 in a bid to rationalize the tax rate for all organizers of gambling activities. Sweepstakes, raffles and lotteries are already taxed at the rate of 12%.
The increase in taxes on the Toto (Bulgarian state lottery), the Lotto and betting on sporting competitions will boost state budget revenues by BGN 12 M, the deputy Minister of Finance, Vladislav Goranov, said....
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