Portuguese Gambling Laws To Be ReviewedPublished October 17, 2013 by OCR Editor
The Government of Portugal have decided to review the current online gambling laws in an effort to meet the bailout requirements imposed by the EU, IMF and ECB.
As part of their commitment to reduce their debt levels, the Portuguese government have agreed to review the current restrictive online gambling laws. It has been estimated that relaxing the laws could bring in a much needed extra 250 million Euros in tax revenues for the country. A committee consisting of the European Union, International Monetary Fund, and the European Central Bank will look more closely into the gambling laws.
It's been 18 months since draft regulations were announced that would open up the country to online gambling sites, and should the new regulations come into force in 2014, the government is likely to impose a tax of between 20-25% on the profits of gambling companies based there.
However, taxes like this can cause more problems than they solve, as Spain has found out to its cost. When it introduced similar taxes, several online gambling companies simply left the country, and ceased to offer their services to Spanish citizens.
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