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12% tax on online sports betting houses will apply one month before Qatar 2022

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With its publication in the newspaper El Peruano, the Government today made Law 31557 official, which regulates the exploitation of remote gaming and sports betting, in order to tax these activities with a 12% tax.

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The taxable base of the tax will be constituted by the net monthly income (gross income minus what is paid in prizes) minus the maintenance costs of the technological platform for remote gaming, or remote sports betting, equivalent to 2% of the monthly net income.

The implementation of this new tax, the proceeds of which will be used to promote sports, mental health and tourism for the population, is scheduled for 60 days after its official publication, that is, for the month of October, a month before the start of the Qatar 2022 World Cup.

However, 120 days are also counted from this moment for the corresponding regulation to be published by the Ministry of Foreign Trade and Tourism (Mincetur).

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For various specialists consulted by La República, this regulation should be a priority for the sector. Otherwise, a great opportunity could be lost at a time of emergency tax cuts in other economic activities.

“As it is an annual tax, its effects are immediate. Apparently, the regulation is still missing, but the ministry in charge has 120 days to present it. I understand that they are hurrying because, of course, there will be a large flow of bets at the end of the year”, said Francisco Pantigoso Velloso da Silveira, director of the Master’s Degree in Taxation at UPC.

The betting activity has an annual economic movement of US$ 1,000 million. The new 12% tax is expected to generate an annual revenue for the State of approximately S/ 156 million.

Source: Larepublica

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