Michigan’s Governor, Gretchen Whitmer, has ushered in a new age for gambling by signing Senate Bill 764. The bill was signed last week and effectively overwrites some of the Income Tax Act of 1967. Senate Bill 764 Will Allow Bettors to Deduct their Losses from Taxation Thanks to the new bill, punters across Michigan will […]
Malta is mulling on how to sweeten the impact on businesses, including some large gambling companies headquartered in the island country, from the upcoming tax rate hike in 2023, an article in the Times of Malta speculates. Gambling Hub Status under Threat The new corporate tax that will be introduced will be in line with […]
HM Revenue & Customs (HMRC) has accepted a new proposal considering the gross gaming yield (GGY) tax bands. According to this new policy, the GGY tax bands that are applied to the earnings of land-based casinos will expand. The main goal behind these new tax bands is to maintain the duties of casino operators at […]
Mobile sports betting operators’ deadline to amend their proposed tax contribution expires today at 5 PM as told by the New York State Gaming Commission (NYSGC). The Commission also confirmed that a GGR rate of up to 64% could apply to applicants. The Highest Tax Rate Has Been Selected, According to the Commission The NYSGC’s […]
Puerto Rico is having some difficulty evolving its gaming industry, and this is causing financial losses and a lot of frustration. There have been legal battles waged over the past couple of years that have slowed down the introduction of a new framework and the brakes have been pumped once again. A plan to introduce […]
Brazilian President Jair Bolsonaro has signed a law that will alter the country’s sports betting taxation system to a revenue-based one. President Jair Bolsonaro Signs New Sports Betting Taxation Law Last week, Brazil’s Official Gazette published Law No. 14,183, of July 14, 2021, which changes the rules on sports betting taxation. The new law modifies Chapter […]
Gibraltar, one of more than a hundred nations that approved the global tax agreement to implement a minimum corporation tax rate, became the first to act upon its commitment by introducing an interim tax level. Reaching Minimum Tax Level in Two Steps Signaling the upcoming change in its taxation policy, Gibraltar is raising corporation tax […]
A leading independent tax policy nonprofit, the Tax Foundation, released a report last week, evaluating the efficiency of different state’s approaches to sports betting taxation. Deductions Lead to Lower Effective Tax Rate Industry official data provided by the American Gaming Association (AGA) shows 21 US states and D.C. are currently offering legal wagering on sports, […]
A long-running legal battle between Kenya’s government and the gambling industry might be coming to an end. Uhuru Kenyatta, the country’s president and a staunch gambling opponent, seems to be softening his anti-gambling stance, approving a new tax rate on gambling wagers that should appease the gaming industry. Instead of the 20% that had previously […]
Germany’s controversial 5.3% turnover tax on online slots and poker received the approval of the parliament earlier this week. German Parliament Approves 5.3% Tax on Online Slots and Poker Back in March of this year, Germany’s new State Treaty on Gambling (GlüNeuRStv) was approved by lawmakers. Since then, the new regulation has received the approval […]
