Colombia: 16 % VAT for games of chance approved
"Unfortunately, the Minister of Economy told us that there was nothing to be done, that it was a decisión taken and that it would appear in the decrees this way. The warning we have wanted to do to the government is that, unfortunately, the companies will not have the capacity to respond for the contracts from now on, due to the way this measure will affect their sales. We know that in Colombia, illegal gaming grows more and more every day and that bettors prefer to gamble with a businessmen that do not charge the VAT,” assured Medina.
Governor of Caldas, Mario Aristizabal, pointed that the VAT increments proposed by the government for liquors and games of chance, may increase illegality.
“We think that this increment in VAT may not only cause that the commercial part is less competitive, and may boost illegal gaming corresponding to games of chance, but also the
smuggling and adulteration of liquors,” commented Aristizabal.
The Minister of Social Protection, Diego Palacio, assured that this new incomes may represent a government collection of around us$ 402.4 million and us$ 503 million that will be allocated to the health deficit.
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