Ukraine Adopts Gambling Tax LegislaturePublished July 20, 2021 by Sol FH
Ukraine has passed a long-overdue bill to set a tax rate for gambling, almost a year after legislation to open the country's market was passed.
After almost a full year since the Ukrainian gambling market was approved and put into motion, there is finally a legislature that has set a tax rate for the market. The new bill was sent a few days ago and has approved a 10% tax rate for all forms of gambling, wherein winnings that are worth more than UAH48,000 (or eight months' minimum wage) will be taxed as a source of income.
The reason that this legislation was approved so quickly is due to the vote for an "abbreviated procedure" which enabled a single vote to approve the bill.
Second Vote Success
Last month, the bill was voted upon but did not pass, as it failed to garner the support needed to pass. This time, it passed and has gone into implementation.
The country's Finance Committee gave a final update last week - including the change of a rule that would triple license fees until a monitoring system was implemented.
Some of the operators had already paid the higher licensing fees and the amended bill will enable them to count their payments towards future renewal fees.
After these amendments were made, the Rada Committee on Integration with the EU stated that the bill was now compliant with European Union law. At that time the Rada Committee voted again and if received 252 votes in favor, far more than the 226 required for the bill to become law. 73 of the Rada deputies voted against and the bill and 15 abstained.
This will add even more tax revenue for Ukraine to enjoy for various projects and problem gambling efforts. The Bill has gone into law and will create a clearer picture of what the industry can expect from its tax revenue.