Greek 35 percent increase in Gambling Tax

Tuesday May 24,2016 : GREEK GOVERNMENT IMPOSES 35 PERCENT ACROSS ALL GAMBLING VERTICALS

As bailout programme demands additional Euro 1.5 billion.

The Greek Parliament voted for a 35 percent increase in revenue tax across all gambling products late Sunday as it seeks to find Euro 1.5 billion in additional taxes to ensure its next loan tranche is unlocked under the terms of the country’s financial bailout programme.

The gambling tax hike is one amongst many which ranges from new or increased taxes on hotel stays, cable television, internet connections, new car registrations, electronic cigarettes and coffee.

The gambling amendment, tabled by Greek Finance Minister Euclid Tsakalotos, imposes a unified flat tax rate of 35 percent on “the mixed revenues of gambling companies” and is expected to raise an additional Euro 54 million for the Government coffers.

The amended tax rate replaces a tiered pricing system that ranged from 30 to 35 pct based on gross revenues.