Saturday October 12,2013 : MORE ON PORTUGUESE ONLINE GAMBLING LEGALISATION (Update)
Speculation that high tax rate could hamper market development.
Last week's report on the Portuguese government's enquiry into the pros and cons of legalising and taxing online gambling has been followed by confirmation in a Poker News Portugal piece.
The information site reports that Portuguese State Minister Paulo Portas has revealed that online gambling regulation could be regulated and taxed as early as 2014, and that estimates of this potential ‘virtual income' have been included in the draft Portuguese budget.
The Portuguese economy is battling through the recession and has received billions of Euros in bail-out cash from the European Central Bank, and additional tax revenues are therefore a priority.
Poker News Portugal reports that the possible tax rate indicated by the government is high at around 20 to 25 percent, which is in line with that of other European nations, but has been criticised as restricting growth and prosperity in online gambling markets.