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21 December 2007

Online gambling tax proposal thrown out


Controversial Bulgarian government proposals to alter the tax structure on gaming in the Eastern European country were at a stalemate this week as lawmakers criticised and rejected the cabinet's proposals.

The amendments bill proposed to tax betting firms a flat 10 percent on profit, rather than the current 10 percent of turnover, and sparked a heated debate on the parliamentary floor (see previous InfoPowa report). The finance ministry's rationale for the proposal was that the change would leave a bigger share of the revenues with the State Lottery and State Raffle, which are used to subsidise Bulgarian athletes.

But the amendments, as worded in the proposal, would also cover two private firms, both owned by Bulgaria's richest man, Vassil Bozhkov, namely lottery Eurochance and bookmakers Eurofootball, reports the Sofia agency Novinite.com.

The opposition accused the Socialist-led cabinet of lobbying for private interests and even the Socialist president of the country, Georgi Parvanov blasted the proposal, saying he would veto the amended bill.

Online Casino News courtesy of InfoPowa