BULGARIA APPROVES ORIGINAL ONLINE GAMBLING TAX RATE

11/18/2012 :  BULGARIA APPROVES ORIGINAL ONLINE GAMBLING TAX RATE
 
Reconsideration of 50 percent cut in proposed turnover tax not forthcoming
 
Bulgarian Finance Minister, Simeon Djankov's March 2012 proposal to impose taxation on all bank deposits and forms of income was passed in the Bulgarian Government's State Budget 2013 session along with a ruinous 15 percent tax on gambling operator turnover despite what was thought to be a reconsideration of the rate in May 2012 following the first reading of the amendments to the VAT Act to a rate of 7 percent.
 
The second reading, however, has reportedly approved a 15 percent rate of tax on conventional and online gambling turnover which was adopted by Parliament without any debate according to the Sofia News Agency's Novinite.
 
Bulgaria's State Gambling Commission is expected to begin filtering and blocking unlicensed gambling websites in March 2013.