Bulgarian Authorities Plan To Reduce Online Gambling Tax

Business | October 22, 2013, Tuesday // 12:16
Bulgaria: Bulgarian Authorities Plan To Reduce Online Gambling Tax Photo by spoki.tvnet.lv

Bulgarian Parliament intends to lower taxes on remote gambling in order to stimulate offshore registered operators to register and pay taxes in Bulgaria.

The Current tax rate of 15% is perceived as too high by sport betting operators, therefore they opt to register offshore in order to avoid paying taxes in Bulgaria.

“The present taxation regime on internet gambling needs to be liberalized in a way that will attract foreign registered operators to register themselves in Bulgaria and pay their taxes here”, said Yordan Tsonev, an MP from Turkish Movement for Rights and Freedoms and chair of the parliamentary budget committee, as cited by “Kapital Daily”.

At present some online betting companies prefer to register in offshore taxation heavens to sidestep Bulgaria’s gambling taxes and are operating in the grey area with no license, but a decrease of the taxation rate would attract them to enter the Bulgarian market officially and to pay their taxes in the country.

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Tags: Bulgaria, gambling, online betting, remote gambling, internet gambling, Yordan Tsonev, parliamentary budget committee, taxation, taxes, offshore
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