Also according to the report released in the column of journalist Guilherme Amado in Metrópoles news outlet, the Treasury does not foresee collection for 2023. The expectation is that revenue generated by the taxation of bets will reach R$ 1.15 billion (US$ 235m) in 2025, R$ 1.21 billion (US$ 248m) in 2026, and R$ 1.28 billion (US$ 263m) in 2027.
The projections were made on June 29 in response to a request from the Federal Revenue, which sought revenue estimates for the last quarter of 2023, the period in which the PM for betting was expected to be implemented.
The new estimates differ from the initial assessment made by the Minister of Finance, Fernando Haddad. In April, Haddad had declared that the approval of the PM for betting could result in an annual collection of between R$ 12 billion (US$ 2.46bn) and R$ 15 billion (US$ 3.08bn).
However, on July 20th, Haddad acknowledged that the collection would probably be around R$ 2 billion (US$ 410m) per year, which represented an amount "far short of what was imagined."
The minister explained that this lower estimate was calculated by the Federal Revenue Service and was considerably below both the sector's forecasts and the initial projections of the Secretariat for Economic Reforms.
The report also highlighted that the federal government's delay in finalizing the document compromised the prediction of operationalization of the regulated market in the last quarter of 2023. The Secretariat for Economic Reforms informed the Federal Revenue Service that it expected the publication of the PM in May, but it was only sent to Congress on July 25th.
Now, Congress has until November to approve the proposal, but so far, the mixed commission responsible for analyzing the text has not yet been constituted.
Source: Metrópoles
