Gambling companies in Portugal have got good news about the legal side of their operation, namely taxation.
As it was informed, the country’s government, understanding all financial losses incurred by the gambling vertical due to the COVID-19 pandemic, had decided to release casinos from paying taxes.
The program is expected to be in effect until 2022
The Portuguese Ministry of Economy has estimated the damage caused by the global pandemic to many industries, highlighting the negative impact on the casino sector. That is why the government has officially allowed land-based establishments not to pay taxes till the end of this year. In addition to this, several casinos, which have expired licenses, have got the right to prolong it until next year. The pandemic and lockdown changed the situation, as earlier, it had been planned that license applicants would have to go through the tender procedure.
The recovery program, which will remain in force until 2022, can help to improve the situation in the industry. Currently, according to the latest data, eleven gambling houses generated only a little bit more than 150 million euros in 2020. It is half as little as during the year before.
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