Finance

Greece approves fixed 35% tax rate for online gaming operators

1 minute read
The Greek government has given its approval for a new fixed tax rate of 35% on gross gaming revenue for licensed online gaming operators.

The Greek government has given its approval for a new fixed tax rate of 35% on gross gaming revenue for licensed online gaming operators.

The country had been operating under a scalable 30-35% duty system, but this will now be replaced with the new structure, effective from January 2017.

All 24 licensed operators in Greece will have to adhere to the 35% tax rate, which will apply to all product types.

As part of the new system, state-owned operator OPAP will match the rate in order to satisfy European Union (EU) fair business competition practices.

The introduction of the rate comes at a time when Greece is facing various loan sanctions from the EU, with the country required to meet a surplus of 3.5% of its national budget, meaning it has to raise an additional €1.5 billion ($1.7 billion) in taxes.

The government expects to raise approximately €54 million from online gambling duties, while tax rate hikes will also be made in other industries such as automotive, pay-television, luxury goods and alcohol.

Related article: OPAP calls on Greek High Court to cancel new gambling levy

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