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September 24, 2020

Presidential veto feared

Argentina's Lower House okays new tax on slots, e-gambling sector

Argentina's Lower House okays new tax on slots, e-gambling sector
Argentina's Lower House on Wednesday gave its approval to a bill that will raise taxes on  the gambling industry, seeking to collect USD 378M annually. If passed by the Senate, the tax on slot machines will reach 10% while the online betting sector will
Argentina | 12/07/2016

Argentina's Lower House on Wednesday gave its approval to a bill that will raise taxes on  the gambling industry, seeking to collect USD 378M annually. If passed by the Senate, the tax on slot machines will reach 10% while the online betting sector will be hit by a 7.5% levy.

S

ponsored by opposition parties, the bill is part of a broader project that aims at modifying Argentina's income tax scheme which was approved in a 140-86 vote and 7 abstentions. 

It still remains to be said how the e-gaming tax will be applied since that market operates under no official regulations. 

Opposition blocs managed to secure yesterday's victory with head of the Justicialist Party caucus Oscar Romero announcing the passing. Romero was joined by Victory Front party (FpV) caucus chief Héctor Recalde, Renewal Front's (FR) Graciela Camaño, Alicia Ciciliani of the Socialist bloc and Victora Donda of the left-wing party Free of the South, among other MPs.

The project will be addressed by the Senate next week with speculation already pointing at a possible veto by President Mauricio Macri

Meanwhile, gambling sector workers yesterday launched a strike nationwide that affects all sectors in the industry – lotteries, casinos, bingos and racetracks. According to union leaders, the new tax will negatively impact operators, prompting cuts and layoffs in the industry. 

Read the complete text of the project that was approved by lawmakers yesterday.  

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