Will create single, overarching tax regime on the industry
The Swiss Federal Assembly has reportedly agreed a compromise on taxes concerning lottery and sports wager winnings, leveling the playing field across the gambling sector.
According to SwissInfo.ch, only winnings that cross CHF1 million (GBP 768,730) will be subject to taxation – creating a common, overarching law on all gambling in the country.
Lottery and sports betting winnings were previously subjected to tax contrary to winnings derived from Swiss or foreign casinos.
The agreement paves the way for the adoption of a new gambling law that will replace the 1923 Lotteries and Betting Act and the 1998 Gambling Act.
The bill encompasses iGaming with specific provisions that protect minors and include anti-money laundering objectives. It proposes only Switzerland-based terrestrial casino operators be eligible to operate online gambling. Foreign websites plying their business in the market will reportedly be added to a blacklist and blocked by internet service providers.
The bill will face a final vote before it can be published in the Swiss Federal Gazette and promulgated into law.