The Italian Government is planning to restructure gambling

Home » The Italian Government is planning to restructure gambling

The gambling operators from Italy have proposed more tax hikes on the sector and are targeting the operators customers.

Italian media recently got a peek at their governments 2020 fiscal budget which includes plans to boost the tax rate on lottery jackpots from the current 12% to 23%. There are currently on a few mega-prizes on offer in Italy and the government will also take aim at smaller windfalls.

The government will impose a 12% tax on gamblers winnings which is under 500 euros which makes up the majority of punters profits and are not subject to tax. The new tax regime is also set to feature a variable rate which will escalate with the value of winnings and top out at 23%.

Op-eds warn that the new tax policy will mean that the government will collect less money from gambling. The government may not object if their citizens spend less on gambling even if it means that their revenue takes a hit. Italy are also aiming to regulate tax evasion by retail operators through a proposed ban on cash payments for gambling services. Laura Castelli who is Deputy Minister for the Economy and a member of the Five Star Movement Party suggested during an interview that the governments “virtuous” fight against gambling would continue.

The plan which will require gamblers to use credit cards to access land-based gambling services was granted by Giorgio Pastorini who is President of the local gaming industry association.

Source: https://calvinayre.com/2019/10/13/business/italy-govt-new-taxes-gamblers-winnings/

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