Latvian Parliament Approves Higher Gambling Taxes
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Saeima, the Parliament of Latvia, has approved a bill that would raise the taxes on some land-based gaming operations within the country. Gambling establishments that offer such games as slot machines, card and dice games, and roulette will be immediately impacted by the new laws.
As part of the new law, the state budget will receive the largest contributions from the nation’s gambling industry. However, local municipalities that host these gambling establishments will also receive a share of the tax revenue.
The annual tax on gambling tables will increase to 28,080 euros ($31,211) from 23,400 euros ($25,878) per table. The tax on slot machines will increase to 5172 euros ($5719) from 4164 euros ($4604).
According to the finance minister of Latvia, the new amendment is intended to shift the tax burden from the labour force to those casino operations. Plus, it should greatly increase the amount of tax revenue the state is receiving, maybe by as much as 75%. According to the new legislation, 90% of the total revenue will go to the Latvian government while only 10% will go to local municipalities.
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