It is proposed to review tax policy of gaming industry

At the extraordinary sitting of March 5, the NA Standing Committee on Economic Affairs debated the new regulations authored by the NA deputy Hayk Sargsyan in the second reading, which relate to the review of the tax policy of the gaming industry. The sitting was moderated by the Deputy Chair of the Committee Babken Tunyan.

During the period from the first to the second reading, the MPs did not submit any written proposals.

Hayk Sargsyan informed that as a result of the work debates held by the Government partners, the Prime Minister of the Republic of Armenia Nikol Pashinyan, it was decided to apply a duty instead of the turnover tax so that the amendment would come into force immediately, and not after six months.

It is proposed to double the current duty on the right to purchase a bet. The current duty for lotteries is 0.1% of the bet amount, and in the case of winning games, it is 0.175%. For lotteries, it will be set at 0.2%, and for online winning games, it will be 0.35%. ” The Chief Executive also proposed setting a progressive increase for this fee increase until the gaming operator is launched. In this regard, the Ministry of Finance has already formulated a version of the initiative proposal,” the key rapporteur mentioned.

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In response to the MPs’ questions, Hayk Sargsyan spoke about the expediency of replacing the turnover tax with a state duty and explained that the amendment will generate an estimated $2.7 million additional revenue every month in this regard. “I don’t want us to lose these revenues and for this regulation to come into force 6 months late,” the key rapporteur noted. In terms of regulating the issues of the sector, the introduction of the institution of a gaming operator was highlighted. The MPs spoke about the reasons for not having a gaming operator, the consequences of gambling and the mechanisms for their elimination.

The Deputy Minister of Finance of the Republic of Armenia Arman Poghosyan proposed approving the legislative package in this form.

The issue has been endorsed by the Committee.

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