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Czech ministry looking to raise gambling taxes from 2016-report
December 17, 2014 / 8:32 AM / in 3 years

Czech ministry looking to raise gambling taxes from 2016-report

PRAGUE, Dec 17 (Reuters) - Czech Finance Minister Andrej Babis wants to increase taxes on betting companies from 2016 to almost double the amount it takes from the sector, a newspaper reported on Wednesday.

Companies currently pay a tax rate of 20 percent on their gross win from gambling, plus a 19 percent corporate tax rate.

The newspaper reported, without citing sources, that ministry wants to increase the gambling tax to 30-40 percent from 20 percent. Fixed-odds betting would be taxed at the lower end of the range and gaming machines at the upper end.

The finance ministry said Babis would present a new proposal on Friday but declined to give any other details.

The state could raise 6 billion Czech crowns ($270 million) more in revenue with the measure, the newspaper reported. That would be up from around 8 billion crowns last year, it added.

The finance ministry, run by Babis since the start of the year, has looked to overhaul the gambling sector, including allowing foreign-owned online betting companies to operate in the country under a new gambling law that seeks to tighten regulation overall and lift tax revenue.

The market is dominated by five domestic bookmakers, including Prague-listed Fortuna Entertainment Group. (Reporting by Jason Hovet; editing by Keith Weir)

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