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Bulgarian Lawmakers Want to Reduce Gambling Tax

Bulgarian media recently reported that parliamentarians in the European country are considering reducing the current gambling tax, in an effort to attract a higher number of offshore gambling firms that will pay taxes in Bulgaria. This new idea came as a consequence of the fact that several gaming and betting companies registered in Bulgaria complained about the gambling tax level of 15 percent that is currently set in this country. Operators also declared that if the taxation regime will not be modified, they will close their Bulgarian online gaming sites and move towards jurisdictions which offer more relaxed tax levels.

Yordan Tsonev, chair of the parliamentary budget committee, expressed the idea that at this point in time, many online gaming and betting operators chose to register in offshore tax havens in order to avoid the harsh tax regime, some of them even running their online operations without being licensed. Thus, Bulgarian lawmakers are thinking about attracting more gambling firms by decreasing the tax level and to attract more operators to be part of the local gambling industry and create revenue stream for the state coffers.

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