{"id":10131,"date":"2025-01-27T13:29:37","date_gmt":"2025-01-27T13:29:37","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/?post_type=gambling&#038;p=10131"},"modified":"2025-01-27T13:29:37","modified_gmt":"2025-01-27T13:29:37","slug":"colombian-government-eliminates-vat-exemption-for-online-gambling-and-betting-the-industry-has-been-affected-since-last-friday","status":"publish","type":"gambling","link":"https:\/\/www.mundovideo.com.co\/en\/colombian-gambling-news\/colombian-government-eliminates-vat-exemption-for-online-gambling-and-betting-the-industry-has-been-affected-since-last-friday\/","title":{"rendered":"Colombian Government eliminates VAT exemption for online gambling and betting, the industry has been affected since last Friday"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The elimination of the VAT exemption for online gambling and betting will be implemented by a decree law based on the state of internal unrest, recently declared by the Colombian Government. This legal figure grants the Executive the power to issue decrees with the force of law in exceptional situations, without going through Congress, provided that reasons of urgency and necessity are justified to guarantee public order or economic stability.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.mundovideo.com.co\/landing\/multigame-link\/\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"340\" src=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png\" alt=\"\" class=\"wp-image-9725\" srcset=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png 1000w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-300x102.png 300w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-768x261.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">Justification of the Decree Law<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Increase in Tax Collection: According to the Ministry of Finance, this measure is necessary to address the fiscal deficit, which currently represents 4.3% of GDP. The elimination of the VAT exemption will allow an estimated collection of between 650 billion and 800 billion pesos annually, which will contribute to the financing of social programs and the sustainability of public finances.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.mundovideo.com.co\/en\/colombian-gambling-news\/petro-seeks-to-finance-his-reelection-with-a-new-tax-reform-that-causes-panic-in-gambling-companies-in-colombia\/\" target=\"_blank\" rel=\"noreferrer noopener\">Petro seeks to finance his reelection with a new tax reform that causes panic in gambling companies in Colombia<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Disproportionate Growth of the Sector: The Government has identified that the online gambling and betting sector grew by 28% in 2024, reaching revenues of more than 3.5 billion pesos, but its taxation does not correspond to its size and economic potential due to the VAT exemption.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. Tax Equity: The measure seeks to correct fiscal imbalances. Currently, online gambling is not taxed like other entertainment sectors, generating inequalities that affect companies and consumers. According to the Minister of Finance, &#8220;it is unfair that a highly profitable sector does not contribute in the same proportion as other economic sectors.&#8221; Internal Unrest in Colombia: a latent risk for the gaming industry?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. Internal Unrest and Public Order: The state of internal unrest was declared in response to the increase in social tensions and economic problems arising from the decrease in tax collection and the proliferation of illegal markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By regulating online gambling by eliminating its tax exemption, it is also intended to combat informality and illegal platforms that affect the economic order.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.mundovideo.com.co\/landing\/multigame-link\/\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"340\" src=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png\" alt=\"\" class=\"wp-image-9725\" srcset=\"https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1.png 1000w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-300x102.png 300w, https:\/\/www.mundovideo.com.co\/en\/wp-content\/uploads\/sites\/2\/2024\/11\/ice-london-termino-y-se-despidio-la-feria-en-imagenes-mgl-1-768x261.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.mundovideo.com.co\/en\/colombian-gambling-news\/cornazar-warns-about-the-impact-of-the-financing-law-propos-al-for-the-gambling-sector-in-colombia-coljuegos\/\" target=\"_blank\" rel=\"noreferrer noopener\">CORNAZAR warns about the impact of the Financing Law Propos al for the gambling sector in Colombia Coljuegos.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Implementation Schedule The decree law will be signed and published in the coming weeks, entering into force as of February 2025. The Ministry of Finance, together with the DIAN, is working on regulations to ensure the effective transition of the sector to the new tax scheme and avoid significant impacts on the formal industry. This decision is presented as a pillar in the government strategy to face fiscal challenges, promote formalization and strengthen control of the sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The measure seeks to correct fiscal imbalances. Currently, online gambling is not taxed like other entertainment sectors ( casinos and bingos ), generating inequalities that affect companies and consumers. <\/p>\n","protected":false},"author":1,"featured_media":10132,"menu_order":210,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[4801,733],"class_list":["post-10131","gambling","type-gambling","status-publish","format-standard","has-post-thumbnail","tag-colombia-online","tag-petro","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Colombian Government eliminates VAT exemption for online gambling and betting, the industry has been affected since last Friday - Mundo Video Entertainment | Casino News in Latin America and the World<\/title>\n<meta name=\"description\" content=\"The measure seeks to correct fiscal imbalances. 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