Ukraine Introduces New Turnover Tax on Online Casinos and Tighter Gaming Regulations
LISTEN TO THIS ARTICLE:In a recent development, the Ukrainian parliament has reinstated an 18% turnover tax on online casino operators.
The announcement was made by Danylo Hetmantsev, the chairman of Ukraine's Finance Committee, through the popular instant messaging platform, Telegram. Hetmantsev's statement has brought to light the potential financial implications of this decision, suggesting that it could contribute a significant UAH1.5bn (£32.1m/€37.1m/$40.8m) annually to the nation's budget.
Tightening Online Gaming Rules and Sanctions
The decision was made public during a Thursday plenary session by Ruslan Stefanchuk, the chairman of the Verkhovna Rada, Ukraine’s legislative body. He revealed the amendment to the country’s tax code under draft law 6,529. This move is seen as a strategic step by the Ukrainian government to introduce new gaming regulations for the burgeoning online casino industry and ensure a steady revenue stream for the country.
However, the implications of draft law 6,529 go beyond just tax amendments. The law also introduces an expanded list of sanctions that the National Security and Defence Council of Ukraine can impose. This expansion in the list of sanctions is a clear indication of Ukraine's intent to tighten its grip on live casinos and individuals that might be operating outside the purview of the law or against the nation's interests.
Related: 25 000 people sign petition against Parimatch ban.
Earlier in the year, the country witnessed a significant move when Parimatch, a major player in the betting industry, suspended its operations in Ukraine. This decision was a direct consequence of Ukrainian President Volodymyr Zelenskyy signing Presidential Decree No 145/2023. The decree imposed sanctions on a whopping 287 companies, many of which were betting entities, and also targeted 120 individuals. The broad sweep of this decree underscores the government's commitment to regulating industries and ensuring compliance with national laws.
Related: President Zelenskyy responds to Parimatch ban lift petition.
Ukraine's 18% Tax Reintroduction
In conclusion, Ukraine's decision to reintroduce the 18% turnover tax on online casino operators is a testament to the country's proactive approach to governance and regulation. While the move promises to bolster the national budget, it also sends a clear message to businesses about the importance of adhering to the country's legal and regulatory framework. As the landscape of online casinos and betting entities continues to evolve in Ukraine, it remains to be seen how these industries will adapt to the changing regulatory environment.
More Regulation News
RELATED TOPICS: Regulation
Latest News
Most Read
New Jersey Makes Significant Change to Gambling Self-Exclusion Program
Dec 24, 2024Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Ukraine Introduces New Turnover Tax on Online Casinos and Tighter Gaming Regulations