“We are going to work to see if we can vote as quickly as possible on regulating the sports betting fee”, announced Padilha.
Regulation of the sector is one of the priority projects of the Minister of Finance, Fernando Haddad, who estimates revenue of up to R$12 billion (US$ 2.35bn) per year after consolidating the activity.
The Federal Government's project only dealt with sports betting, but in the process in the Chamber of Deputies, the operation of online gaming was included.
Regulation
The text of the online betting regulations provides for a tax of 18% on companies' gross revenue and 30% income tax on the winnings from each bet, with no possibility to write off lost bets.
In addition, betting sites must pay a grant fee of R$30 million (US$ 5.9m) for three years, as approved by the Chamber, and banks will be prohibited from transacting with companies that do not have a concession in Brazil.
The proposal is part of the Federal Government's package of measures to increase revenues and meet the goal of zero deficit next year. Others include infrastructure debentures and taxation of offshore companies and exclusive funds, in addition to regulation of the carbon market.
Source: GMB
