Bulgaria brings in 10% betting tax

Bulgaria may not exactly be the cradle of civilization. Their wine is dreadful, their football clubs, erm, controversial and, if this is to be believed (see sentence 5), their women sound like something out of a Borat movie, but President Obama could do worse than follow their lead when it comes to the economy. Our Eastern European cousins have decided to adopt a 10% tax on all gambling to help alleviate their ailing economy. The Finance Minister Krasimir Stefanov says that BGN150 million (ie £69m or $US102) will be generated by the new tax by the end of the year. On the down side the Bulgarians are also upping VAT from 20% to 22%. But keep that one quiet from Messrs Osborne and Darling, eh. Read more.