Armenia introduces tax on gambling winnings

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12.06.2024, 12:35

The Armenian Parliament on Wednesday approved in the second and final reading a package of bills on regulating gambling activities and a number of amendments to the relevant laws.

Armenia introduces tax on gambling winnings

YEREVAN, 12 June. /ARKA/. The Armenian Parliament on Wednesday approved in the second and final reading a package of bills on regulating gambling activities and a number of amendments to the relevant laws.

The amendments introduce such concepts as ‘large winnings’ and ‘just winnings’.

A lump-sum winnings exceeding AMD 5 million will be considered as large winnings. In this case the winners will be charged an income tax of 5 per cent of the winning.

In case of smaller winnings, citizens will be obliged to calculate the difference between the won amount and the amount of bets made and pay income tax at the rate of 10% of the difference.

Earlier, the head of the State Revenue Committee (SRC) Rustam Badasyan said that the operator, who will monitor the bets, will be selected on a competitive basis, and all slot machines should be checked for compliance with standards.

He said the operator's software should be connected to the SRC's monitoring centre, which will also allow the regulator to receive real-time information. -0-

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