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Wednesday, October 5, 2022

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Peru enacts a law that regulates betting and sports games online

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The Government of Peru enacted this Friday a law that regulates remote betting and sports games for the first time with the imposition of a 12% tax on the net income of the activity, which will allow a collection of around 40 million dollars per year for the public sector.

“For the first time, Peru is creating a special tax on Internet gaming and sports betting with a 12% tax, which will generate an annual revenue for the State of approximately 156 million soles (about 40 million dollars)”, declared President Pedro Castillo during the ceremony at the Government Palace for the signing of the law.

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The president asserted that this measure will not only “allow the State to have greater resources to meet its obligations in economic and social matters”, but also “represents an important step towards the formalization of activities that until today functioned without any type of regulation. no inspection.”

He pointed out that the amount collected by this new tax will be distributed “equally” between the Ministry of Health, the Ministry of Foreign Trade and Tourism and the Peruvian Institute of Sport.

“20% of the total collected will also be transferred to the public treasury,” he added.

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Likewise, Castillo specified that the law prohibits the participation in digital sports games and bets of minors and people who suffer from gambling and includes “mechanisms so that these activities are not used for computer crimes, fraud and other illicit” .

He also insisted that the approval of this regulation is “a clear example” that when the Executive and Legislative branches work hand in hand and put the country’s interests first, they can “promote growth, development, to the benefit of all citizens”.

“On this occasion, the Executive and Congress have agreed on the need to establish a regulatory framework so that these operations are controlled in an integral manner, paying taxes and complying with their appropriate conditions,” concluded the head of state. (YO)

Source: Eluniverso

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