Greece Plans To Introduce Online Gambling Tax Hike

Greece Plans To Introduce Online Gambling Tax Hike

Operating in the Greek online gambling market could soon be tough for operators. Greece’s Ministry of Development and Investment has proposed a tax hike for online gambling operations.

The Ministry has proposed revisions to online gambling rules which are now pending approval from the Greek parliament. The revised draft has some significant differences when compared with the earlier draft presented last year.

While the cost of online sports betting license is reduced €1m to €3m, the operators will have to pay a 35% tax on their gross gaming revenue. According to the new draft law, operators will not be allowed to deduct this tax before their corporate tax is applied.

The cost of online casino and poker licenses is doubled to €2m. The licenses will be issued for a period of seven years and the license fees will have to be paid again upon renewal.

Last week, Greece’s Hellenic Gaming Commission (HGC) announced that Hard Rock International (HRI) and a consortium led Mohegan Gaming & Entertainment (MGE) have officially tendered their bids for the casino project within the stipulated time.

The Hellinikon integrated resort project is estimated to cost eight billion euros. It would be developed on the site of Athens’ old international airport.

The site, Ellinikon International Airport was closed down in 2001. It had been one of the famous international airports in Greece for the last sixty years. Then following the crisis facing the country, as a part of the privatization policy that came in 2010, the airport site was to be redeveloped into an integrated resort.

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