Brazilian flag. Source: Casino Reviews

New Tax Regulations for Brazilian Gamblers

The Brazilian Federal Tax Authority has introduced new regulations imposing a 15% personal income tax (IRPF) on prizes from fixed odds lotteries. These regulations, released ahead of the country's regulated gambling market launch, aim to streamline taxation processes for gambling winnings.

Under the new rules, the tax will be applied to the net prize amount, calculated as the difference between the winnings and the initial stake, for each betting or gaming session. However, only prizes exceeding BRL 2,824 will be subject to taxation. Operators will be responsible for calculating and collecting the tax from players.

While these regulations represent a significant step towards regulating the gambling industry in Brazil, the National Gaming and Lotteries Association (ANJL) has voiced concerns regarding the tax rate. ANJL has urged the government to consider reducing the tax burden to ensure the long-term sustainability of the industry. They argue that the current tax rate may pose challenges, particularly for gamblers who incur losses exceeding their winnings, potentially deterring participation in the legal gambling market.

13 May 2024, 12:01

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