(2023) and rising to KGS1.25m in 2024
- Slot machines – KGS75,000 approx €788 (2023) and KGS100,000 from 2024
- Betting shops – KGS350,000 approx €3,680 (2023) and KGS500,0000 (2024).
- Online casinos will pay four per cent per month of income.
THE CHANGES
In March this year there was a draft bill proposing to lower the tax rates for gambling due to the lack of investors and interest in the country. Te idea is to reduce the gaming table tax rate from KGs1m to KGS600,000 this year and down to KGS750,0000 in 2024 and bring slot machine tax down to KGS15,000 this year
and KGS20,000 in 2024. Te draft bill stated: “Te development of the draft resolution is due to the need to ease the tax burden and give impetus to the development of the gambling industry in the Kyrgyz Republic. As a rule the main burden for entrepreneurs is the tax legislation of a particular country.
“An investor before starting his investment activity conducts an appropriate analysis of the country’s legislation, including tax legislation, in order to access all the risks and benefits of these investments. As international practice shows, in countries with a stable economy and liberal taxation, business entities operate in quite comfortable conditions, the authorise of countries strive to create a favourable tax environment for entrepreneurs.”
If the tax rates are lowered the possible tax
One of the biggest problems for the Kyrgyzstan market is the ban on local residents entering casinos and also online gambling. Not only does this restrict the number of visitors and players but is difficult to enforce at an online level particularly. There has been a suggestion to allow online gaming to accept payments in foreign currency. P142 WIRE / PULSE / INSIGHT / REPORTS
revenues will mean KGS81.6m in 2023 (from one casino, one slot hall and bookmakers) and KGS103.1m in 2024 estimated for one entity.
One of the biggest problems for the Kyrgyzstan market is the ban on local residents entering casinos and also online gambling. Not only does this restrict the number of visitors and players but is difficult to enforce at an online level particularly.
Tere has been a suggestion to allow online gaming to accept payments in foreign currency. Te law at the moment says all payments must be in Soms but as online casinos can only be played by foreigners they find this inconvenient.
In May there was a proposal to allow local residents into betting shops claiming locals will just bet illegally. One suggestion is to send two per cent of income quarterly towards sports development programmes.
Te prediction is the gambling business will bring KGS3bn to 5bn per year ($60m) to the budget and provide jobs for around 5,000 people and create $1bn in income tax.
Meanwhile, in June last year, the ban on gambling advertising via the ‘On Advertising’ law was removed however advertising must comply with certain rules and cannot target Kyrgyzstan residents.
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