Latvia’s Cabinet of Ministers has approved the Finance Ministry’s Law amendments on Lotteries and Gambling Fee and Tax, which looks to increase taxation on gambling whilst reducing the number of slot machines.
The new structure will increase the government’s take on slot machines from €4,164 per machine to over €6,000. Taxation for traditional tables will be increased from €23,400 to €28,080. The number of slot machines will be reduced by five per cent from 8,680 to 8,247 per year with the new increased tax structure.
The state’s share of tax will also increase. Currently, the state takes 75 per cent with 25 per cent remaining for the municipal budgets. The new laws will see 90 per cent allocated to the state Budget with 10 per cent will remain with the municipalities.
Figures from the Lotteries and Gambling Supervisory Inspection (IAUI), show that for the first six months of the year, Latvian gambling has increased 4.7 per cent year-on-year to €154.5m. The first six months of 2019 also saw a 15 per cent increase in profits from €99.9m to €111.5m.