Betting Industry Leaders Bewildered By New Tax In Italy

Italian betting industry leaders are absolutely bewildered by the possibility of having a new tax imposed in Italy. They have criticised the parliamentary discussions for slapping a new 0.75% tax on betting and virtual sports revenues for garnering funds for ‘distressed Italian sports.’

The Italian Parliament has started discussions on a proposed ‘Revival Decree’, which is intended to help business and society’s recovery from COVID-19’s long-term consequences. Some of the members of the parliament talked about a possible implementation of a 0.75% tax on all betting-related wagers – online, retail and virtual sports content.

The discussion caused an outraged from the Italian gambling trade bodies who criticised the proposal, alleging that COVID-19 discussions had been hijacked to further punish the industry.

Retail trade bodies Acadi (gaming machines) and Sistema Gioco (betting shops) released a joint statement calling for the Parliament to immediately drop any talks on “hypothetical taxes at a time when Italian gambling is living in anguish”. Both organisations have suggested that their members are “in bewilderment that the government would pursue a 0.75% sports wagering tax, that would increase the overall tax burden on Italian betting’s commercial chain to over 30%.”

Writing to Parliament, President Moreno Marasco of LOGiCO stated that licenced online incumbents should not “digest an umpteenth tax that harasses legal firms to operate in a market that has doubled its tax demand to + 40%.”

He warned that “The threat of a wagering tax represents the extinction of the legal circuit with the consequence of lost guarantees and protections, leading to the “flight” of international operators. A real gift to the underworld that will continue to thrive in this sector.”

[image: Rough Guides]

bitcoin
Bitcoin (BTC) $ 10,487.12 0.47%
ethereum
Ethereum (ETH) $ 343.42 1.18%
tether
Tether (USDT) $ 1.00 0.07%
ripple
XRP (XRP) $ 0.231510 0.74%
bitcoin-cash
Bitcoin Cash (BCH) $ 215.90 0.21%
polkadot
Polkadot (DOT) $ 4.15 1.27%
binancecoin
Binance Coin (BNB) $ 23.90 0.52%
chainlink
Chainlink (LINK) $ 8.74 1.91%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.152104 0.66%
litecoin
Litecoin (LTC) $ 43.91 0.28%
S&P 500  ^GSPC 
$3,315.57  $34.51  (1.05%)
Dow Jones Industrial Average  ^DJI 
$27,288.18  $140.48  (0.52%)
NASDAQ Composite  ^IXIC 
$10,963.64  $184.84  (1.71%)
Russell 2000  ^RUT 
$1,496.96  $11.71  (0.79%)
Crude Oil Oct 20  F*CL.NYM 
$39.77  $0.2300  (0.58%)
   
$0.0000  $0.0000  (0.00%)