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Online Casinos Need Attention - 2

Not a department to bide time and take the easy route, the Accounting Chamber Board of Ukraine is ready to affect change by the submission of a detailed report to high-ranking Ukrainian government officials concerning the lack of action on new online casino gambling regulations in the country. The report outlines not only the need for new regulations and the dangers that are inherent in an unregulated market, but also the benefits to government funded programs if the state regulations are properly formed and implemented.

The Board’s report detailed criticized several specific departments within the Ukrainian government for the lack of online casino gambling regulation development and also noted that lack of dynamism is the root of the current issue. The lack of proper taxation on the online casinos operating in the Ukrainian market is a currently major concern for the Board because of the irrevocable loss of revenue that continues for as long as the situation remains as-is.

The Board’s report noted, "State regulation of gambling through patenting by the State Tax Administration of Ukraine is ineffective since it is not coordinated with [the] licensing function of this activity by the Ministry of Finance of Ukraine. Consequently, about two thousand entities conduct gambling activity with trade patents but without proper licensing from the Ministry of Finance. Taxation of gambling business under general conditions is inadequate, does not generate the state budget revenues or meet the international standards.”

The online casino gambling industry generates hundreds of millions in revenue every year and nations all over the world have implemented strict taxation structures as a way to tap into those funds and give back to the people losing their monies. Governments often use gambling money to fund social programs, education scholarships, gambling addiction support services and many other special social programs that give back to the community. The Ukrainian Board is merely asserting that the continued lack of regulations is inappropriate and deserves a faster response from the governmental departments.