Russian Duma Approves Levy On Bookmaking Firms

RUSSIAN DUMA APPROVES LEVY ON BOOKMAKING FIRMS

21st March, 2017 at 11:24:11
Source: http://www.azonlinecasinos.com

Law requires bookmakers to pay 5% of revenues every quarter towards the development of sports.

The hammer has finally fallen on bookmakers operating in Russia, who have been warned that a new levy is about to impact their operating costs; on Monday the Russian Duma (parliament) approved legislation imposing a sports development levy of 5% of revenue on such companies, payable quarterly and with a stipulation that deductions should not be less than the rouble equivalent of US$260,723 per quarter.

In return, licensed bookmakers will be permitted to advertise in sports media, match broadcasts, at stadiums and on athletes' uniforms.

The bill now heads to the Federation Council, following which it will be signed into law by President Vladimir Putin. Observers say there is little likelihood of it being rejected or even amended in the upper house.

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