https://www.gamblinginsider.com/news/10471/argentina-raises-online-gambling-tax-to-5 Apparently Argentina just raised their gambling tax to 5%.
The Argentine Chamber of Deputies has passed a law that will increase the online gambling tax rate from 2% to 5% in 2021. The new law was added to the National budget proposed by Economy Minister Martín Guzmán. The tax will apply to any online betting transaction. There’s also a 10% rise for the companies that operate in low-taxation countries.
Apparently the industry was unregulated for a long time and the government now decided to go for it since they will aid in the future stability and improvement in the financial situation.
The industry according to them apparently is able to get 2.4 billion dollars worth of revenue and which is inclined to help the country , 95% of the tax is going to go to the province.
What are your thoughts on this ??
Is this good/bad , how would we be able to cope up with the governmental bodies increasing the gambling tax thus shutting down the small business causing problems for the long run.
- it was a little sudden to increase it to almost double. The government never even helped the industry for the sake of the argument.