DOM 17 DE DEZEMBRO DE 2017 - 11:33hs.
New legislation

Greek Finance Ministry to propose gaming tax reform

Looking to attract foreign investment opportunities in the gaming sector, the Greek government is planning to reform its casino legislation. A bill will be tabled in the next few weeks, which contains a new tax status for gaming tables and slot machines across the country.

According to local media, local government is looking to boost the economy by enticing international companies to invest in the country, after the huge crisis that took place a couple of years ago. For this market to flourish and the state to collect money both from the licensing and operation of casinos, the government believes a more business-friendly tax framework is necessary.

This is made clear in a Grant Thornton survey for the Finance Ministry, whose results will be used to reform the institutional framework of casinos.

Greece has agreed to reform its casino legislation as a part of its bailout program, and this is interlinked with the licensing of the casino at Elliniko. It is this reform prospect that has brought a series of foreign groups from the international entertainment industry to government offices and to the consortium that is trying to develop the Elliniko plot, an Economy Ministry official told local media.

The government has received proposals from institutions that foresee a mixed system that would bring down the tax rate on gross turnover from 30-37% – depending on the case – to 25% or even lower.

Despite the original impression that state revenues would decrease, experts have explained that turnover, permits issued and investments will grow as the new regulations will further strengthen activity in the sector.

Source: GMB / Innovate Gaming / ekathimerini.com