New Tax Conditions for Players in Brazil: What Does This Mean for the Industry?
Date: 2024-05-10 Author: Leon Pierce Categories: EVENTS
Recently, Brazil passed a new regulatory ruling that made changes to the tax obligations of players in the country. The decision, which will see players subject to a 15% tax on their winnings above a certain amount, has sparked quite a bit of debate in the gambling industry.
Tax Responsibility
The Special Secretariat of Federal Revenue of the Ministry of Finance published Regulatory Decree No. 2191, which sets the tax framework for rates in Brazil. According to this regulation, players will be subject to a 15% tax on winnings exceeding BRL 2,824. This decision was made in the context of clarifying the legislation on rates, which began with the adoption of the law in December last year.
Moving towards Regulation
Brazil is in the process of clarifying its betting legislation, reflecting widespread changes in the country's legal landscape. The passage of the new law in December and subsequent tax changes signal a move toward greater regulation of the gaming industry.
Responses to the Presidential Veto
Today the national congress will meet to discuss President Lula's veto regarding taxes on players in Brazil. The decision to impose the tax has drawn a variety of reactions, and its implementation will be determined by congressional debate.
Industry reaction
Many representatives of the gambling industry have expressed concern about the introduction of taxes on players, considering it a negative step that could affect the state of the Brazilian gambling market.
The Future of Regulation
Brazil continues to move towards full rate regulation, and plans to complete this process by the end of July this year. The country is focused on implementing socially responsible practices and advertising norms to ensure the sustainable development of the gaming industry.
