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Brazil – Brazil’s government expects huge windfall from sports betting

By - 6 April 2023

In an interview with GloboNews Minister of Finance Fernando Haddad  said that the government expects to raise up to between R$12,000 million ($2,365 million) and R$15,000 million ($ 2,957) per year from online sports betting.

Haddad said that that the government was now in the process of finalizing the texts that will make up the Provisional Measure (MP) along with other documents that will guide sports betting regulation in Brazil. Haddad added said that government forecasted revenue had increased significantly from previous estimates.

 “It is not fair that an activity that many people do not even agree that exists in Brazil is not taxed, but it is a reality of the virtual world. It went up, and we were working with a maximum figure of 6,000 million reais, but now it is at least double: from 12,000 to 15,000 million reais,” he said.

Earlier this month Haddad confirmed that certain sectors of the economy which have not been taxed before will now be taxed as part of a much broader tax reform aimed to meet with the objectives of President Luiz Inácio Lula da Silva’s budget. Brazil’s new fiscal framework targets a zero primary deficit in 2024, followed by surpluses in subsequent years.

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