Brazil passed the law allowing for sports betting to be legal in the country but now the government are reported to be looking at charging gambling firms 15% tax on their gross gaming revenues (GGR0 according to reports in the country.
Local news outlets say that once President Luiz Inacio Lula da Silva returns from his official state visit from China next week he will sign into law the new tax regime along with increasing the fee to operate in the country to almost $6 million.
It is hoped that the government will reap in some $2.9 billion a year from the new tax and operating levy.
The executive order on the increase will be signed by the President and Finance Minister Fernando Haddad it is said and will require any betting firm who wishes to operate to be based in Brazil. The increase in fee and tax it is hoped will help offset the increased amount spent on public spending.
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