BUSINESS

Greece decides on gross profit tax

TAGs: greece, remote gambling association

greek-flagGreece has decided on a system of taxation for their much-vaunted online gambling regulations and it’s in line with what the skeptics thought should be the case all along.

After originally proposing a 6% tax on turnover, which was subsequently rubbished by the lobbying group Remote Gambling Association (RGA), the economically weak country’s government has voted for a 30% tax on gross profits (GPT).

The RGA is still not happy at the high rate but you can imagine they’re like a child who gets the McDonalds chips but not the whole Happy Meal with toy.

The group told eGaming Review, “We understand that that the government has approved a switch to GPT. We very much welcome [this move] as has also occurred in Spain following similar discussions, albeit that the 30% rate that has been suggested in Greece is higher than other jurisdictions, and we will continue our lobbying efforts to bring this more into line with other countries that have licensed remote gambling.”

The Greeks are one country desperate for the riches that online gambling might bring them. It’s known that one in three Greeks already gamble at overseas sites, money that the Greek government have identified that they’re missing out on.

Experts at the RGA have already professed their concerns that gamblers will still use foreign sites. This will mean the tax they hope to take will be nowhere near the level first thought.

The tax rate obviously has nothing on the oft-criticized French model, but the RGA aren’t likely to let go of this bone.

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