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Panama will Cancel Tax on Gambling

7 October 2019, 08:56
Votes: 1

 La Junta de Control de Juegos (JCJ) intends to cancel a 5.5% tax on gambling and other betting activities. Thus, the authorities are trying to attract more foreigners.

Panama will Cancel Tax on Gambling

In the first eight months of 2019, gambling in Panama raised US $50.8 million, a figure that implies a 33.2% drop compared to the same period of 2018.  This is due to the 5.5% tax on gambling that has been in effect since 2015.

According to Manuel Sanchez Ortega, JCJ secretary, the tax on gambling was adopted by the previous authorities. This tax regards bingos, casinos, slot machines and sports betting. In his opinion, its elimination will increase revenues and have a better impact on the country's economy.

In addition, JCJ will implement an interconnected and electronic system that will facilitate operator control and increase revenue of the gaming industry in a modern and efficient way. Sanchez also claimed that the number of overseers would be increased nationwide because the lack of staff also influenced the decline in income.

As mentioned earlier, the Brazilian authorities have initiated public consultations regarding wagering services regulations. Thus, the government is going to introduce new regulations in this industry.

Read more: States with Zero Gambling Tax on Winnings (Part 1)

Read more: States with Zero Gambling Tax on Winnings (Part 2)

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