🍀 Colombia 🇨🇴: Major changes in online gambling tax legislation are on the horizon

🍀 Colombia 🇨🇴: Major changes in online gambling tax legislation are on the horizon

The proposed amendments to the "Financing Law" aim to apply a 19% VAT to 15 licensed online platforms, which could jeopardize the sustainability of these companies.

🟰 Currently, operators are already required to pay a 12% tax to the "National Council of Games and Bets" (Coljuegos), bringing the total tax burden to 31%.

🟰 The government of Gustavo Petro, supported by his socialist administration, also intends to double the tax base for 396 operators.

🟰 Physical casinos are not exempt: a taxable base of 40 UVT per month is proposed for each electronic gaming machine, 580 UVT per gaming table, and 6 UVT per bingo seat.

🟰 The National Corporation of Gambling Entrepreneurs (Cornazar) has raised significant concerns, highlighting several potential negative impacts:

1️⃣ If operators face excessive burdens, it could compromise the refund of funds to players, undermining trust in the sector.

2️⃣ This could lead to a disincentive to invest in the industry.

3️⃣ A reduction in the number of establishments and equipment would affect both employment and citizens' well-being, considering that the gambling sector is linked to the Ministry of Social Protection, with its contributions directed toward public health.

…Meanwhile, frustrated players might turn to illegal platforms. However, socialist governments often follow a different logic.

#news #Colombia #gambling #legislative_changes

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