💰Brazil🇧🇷: Congress overturns President Lula's "veto" and exempts betting winnings up to $440 from income tax

💰Brazil🇧🇷: Congress overturns President Lula's "veto" and exempts betting winnings up to $440 from income tax

This scenario illustrates the proper functioning of democracy, where the regulator had to make concessions.

➡️ Previously, the so-called "veto" was imposed on the corresponding section of Law 14,790/23, under the pretext that "tax equity" was supposed to be maintained. The presidential amendment, which most congressmen voted against, proposed a 15% tax on any winnings, regardless of the amount.

➡️ In the Lower House, 417 deputies voted in favor of the annulment compared to 64, and in the Upper House, 64 senators compared to 8.

The tax revenues from the gambling industry are distributed as follows:
• 36% - Ministry of Sports;
• 28% - Tourism development;
• 13.6% - Public security;
• 10% - Ministry of Education;
• 10% - Social security;
• 1% - Health;
• 0.5% - Public organizations;
• 0.5% - Federal Police Equipment and Support Fund;
• 0.4% - Brazilian Agency for Industrial Development.

One way or another, Brazilians do not oppose the taxation of gambling, on the contrary: 76% of citizens are confident that a legal gambling industry is capable of strengthening Brazil's finances and providing employment opportunities.

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