Russian gambling industry executives have lambasted a Finance Ministry proposal to raise gaming taxes, saying that such an initiative would “destroy the gambling business.”
Russian business daily Kommersant last week reported possible measures being considered by the government to bring much-needed funds to the cash-strapped Russian budget.
According to a government source, the Finance Ministry proposed to increase taxes on gambling businesses tenfold and make bookmakers deduct 10 percent of the proceeds from online betting. The necessary legislation is expected to be finalized by the end of 2016.
No ministry official has openly confirmed Kommersant’s report. However, another influential business daily, Vedomosti, confirmed that this initiative would be among measures to improve budget revenues, which will be presented to the government for consideration this week. Primorye Territory tourism department head Konstantin Shestakov has since sought to reassure investors saying the information about the tenfold increase was not confirmed in phone calls made to...
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Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.