Government of Italy has approved a temporary tax on sports betting turnover, as the nation attempts to recover from the coronavirus outbreak. The measure comes as part of the Government’s relaunch decree; a €55bn ($60.36bn) pledge to help rebuild all businesses and industry in Italy.
The turnover tax will apply on all sports betting-related activity in Italy, including online, retail, and virtual sports, which will be temporarily applied until at least 31 December 2022.
Initial proposals called on a 0.75% tax on all sports betting turnover, which saw an initial outcry from the industry, with trade bodies urging for talks to be dropped.
However, the 0.5% figure forms the ‘save sports fund,' aimed at raising much needed money for the sports leagues which are struggling after being suspended in mid-March.
A key aspect of any turnover-based tax is that it taxes betting handle, rather than revenue, so if a sports betting company were to lose money on a match, it would then still have to pay tax on the wagers placed during that event.
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