India Targets $1.7 Billion Revenue through Online Gambling Tax
Indian authorities are set to generate up to 140 billion rupees ($1.7 billion) from a tax imposed on online gambling. Finance Minister Sanjay Malhotra stated that the gaming industry has stabilized, but assessments are premature. The tax structure for companies engaged in online gambling will undergo review in April.
In October 2023, the Indian government implemented a 28% tax on the amounts online casino companies withhold from customers for each bet. This high tax rate surprised the emerging industry, backed by international investors, with the government citing concerns about gaming addiction development. The Finance Minister clarified that, for the quarter from October to December, the 28% tax on each bet contributed 35 billion rupees to the country's budget.
5 February 2024, 19:30
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