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Latvia May Introduce New Increased Tax Regime for Land Based Gambling

Latvia is planning to increase the gambling tax levied on the land-based games. The Latvian Parliament has already submitted a proposal regarding the same for the 2020 budget. The proposal needs to be accepted to appear in the budget. Jānis Reirs, the Finance Minister of Latvia has proposed this in front of the Finance Committee and it would be read in Saeima, the Latvian Parliament.

Should it appear in Budget 2020, the flat fee on each slot machine now would be increased to €5172 from €4164. However, that is not all of it. The roulette and tables would now pay €28,080, a step increase from €23,400 which is already in place. The proposal also says that the tax and fees levied on gambling would be classified into two parts, the 90% allocation goes to the national budget and the remaining 10% to the region from where the tax is collected.

The tax changes are being brought only to the gambling laws and not to the iGaming industry.

As per the document, the Latvian Government has urged that there are 8634 slot machines in the country at present along with 61 gaming tables. With the new proposed changes, the new tax could bring €9m more, considering no new addition to the slot machine and table number.

The government has also clarified that during the first half of this year, slot machines have generated revenue of €111.5m and that amounts to almost €12,896 per device. The table game has generated €8.1m for the same time period at an average of €132,164 per table.
If approved, the new budget would come into effect from January 1, 2020.

Source: https://www.igamingbusiness.com/news/latvia-proposes-slot-and-table-game-tax-increases

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Debopom Sanyal

Debopom Sanyal

Debopom is a web journalist and news enthusiast. He has been writing about world politics, science, health, finance, and technology. An avid sports enthusiast, Debopom has done his Masters in Finance and Bachelors in Engineering.

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