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Online Casino Tax Confirmed

The Bulgarian government and officials have been debating for some time now about the possible new tax legislation that would create a unified and clear tax on land and online casino gambling throughout the country. The entire gambling industry has been watching the new taxes development, and there are a few sectors of the market that are surely a bit disappointed with the announcement that a new 15 percent tax on all forms of gambling will take place across the board; up until this point there have been several varying tax levels for the different sectors of the market. But that has changed now that amendments to the Corporate Income Act take effect in the new year, 2010, for all land and online casino efforts.

This new tax legislation means that the sports bookies will be paying five percent more to operate their business, a fact that may have been underestimated by the term “disappointed.” In fact, the bookies and land and online casinos are highly critical of Bulgaria’s new approach to taxing the gambling industry. Eurofootball, the largest bookmaker operating within the Bulgarian market has dire predictions fro the effect that the new taxes will have on the betting industry in the country; because online casinos are still able to access the Bulgarian market without tax consequences the taxed companies operating out of Bulgaria will operate at a competitive disadvantage.

Eurofootball has gone so far as to threaten that these new taxes compromise the number of jobs that bookies like Eurofootball are able to provide within Bulgaria. The bookies point out that foreign online casinos and betting sites do not offer up local jobs. But all of these arguments will likely be ineffective because the Bulgarian government is in need of budgetary support, and these new amendments will nicely support the national government.