JUE 25 DE JULIO DE 2024 - 09:30hs.
Senator Angelo Coronel presented his final text

Rapporteur reduces bookmakers tax to 12%, includes online casino and other virtual games in the law

GMB advances the report by Senator Angelo Coronel that regulates sports betting in Brazil. The document reduces the fee to be paid by companies from 18% to 12%, with the right to have up to 3 brands, with a grant of R$30 million (US$ 6m) for five years. The text of the law also allows the operation of online casinos and other non-sports virtual games. The Economic Affairs Committee (CAE) is in a meeting and the reading has just begun.

Games Magazine Brasil advances the report to be read by senator Angelo Coronel (PSD-BA) that regulates sports betting in the country. It approves Bill 3626/2023 with the total acceptance of 12 amendments, partial acceptance of 31, and rejection of the others.

The main points refer to the reduction in taxation on bookmakers to 12% on the GGR, with the grant value of a maximum of R$30 million (US$ 6m) being maintained, valid for up to three brands, for five years.

The rapporteur also reduced the income tax to be applied to bettors to 15% on the net result of winnings for a period of one year.

 



It was defined in Angelo Coronel's text that only companies accredited by the Central Bank of Brazil will be able to offer financial transaction services to sports betting houses and that they are prevented from serving companies that have not applied for a license with the Ministry of Finance.

In the document, the rapporteur defines that sports betting houses operating in Brazil will have six months to adapt to the provisions of the law once it is sanctioned.

In his report, Angelo Coronel argues that operating companies must have 20% national capital, forcing global companies to seek partners in Brazil to apply for a license.

Furthermore, Loterias CAIXA licensees will be able to operate sports betting as long as Caixa Econômica Federal is granted by the Ministry of Finance, under the same conditions as other sports betting houses that apply for their licenses.

This article is being updated.
 

Source: GMB