ARMENIAN ONLINE GAMBLING TAXES TO INCREASE FIVE-FOLD
As internet gambling turnover and profits surge.
The National Assembly of Armenia, during a special session, has passed an amendment to the Law on State Duty that will see online gambling taxes increase five-fold.
The annual duty for online gambling and lotteries will rise from 100 million drams (Euro 198,686) to 500 million drams (Euro 993,481).
According to Armenian deputy finance minister, Karen Tamazyan, turnover from organizing lotteries amounted to 33 billion drams (Euro 65,6 million) in 2014 rising to 38 billion drams (Euro 75,5 million) in 2015.
Internet gambling company turnover amounted to 44 billion drams (Euro 87,4 million) in 2014, surging to 77 billion drams (Euro 153 million) in 2015, and again to 108 billion drams (Euro 214,6 million) in the first nine months of 2016.
Arka News Agency report profit from Armenian-focused internet gambling companies range from between 5 and 20 percent.
"Taxes for these companies were set more than ten years ago and have not been revised since then. The changes will raise the taxes paid by eight companies engaged in this sector from 800 million drams to 4 billion drams,” Tamazyan said.