Regulating gambling activities in Armenia involves taxing gambling winnings
The Armenian Parliament has taken a significant step towards regulating the gambling industry within the country. The new regulations, aimed at enhancing transparency, fair play, and generating tax revenue, have been implemented under the guidance of the State Revenue Committee (SRC), headed by Rustam Badasyan.
One of the key aspects of these new regulations is the introduction of a tiered tax system for gambling winnings. For smaller wins, citizens will now pay a 10% income tax on the net profit (winnings minus the amount wagered). Winnings exceeding 5 million AMD are classified as "large" and will be taxed at a 5% rate.
To ensure fair play and maintain the integrity of the gambling activities, slot machines will undergo rigorous inspections to ensure they adhere to established standards.
An independent operator, to be selected through a competitive process, will be responsible for monitoring all bets and providing real-time data to regulatory authorities. The Armenian Gambling Regulation Commission has been designated as the independent body for this purpose.
The new regulations also aim to address the issue of taxation of gambling winnings, which were previously considered deductible income and not taxed. This move is expected to bring much-needed revenue to the government.
Rustam Badasyan, the head of the State Revenue Committee, has confirmed that the new regulations mark a significant step towards properly regulating the taxation of gambling winnings. The aim is to create a fair and transparent system that benefits both the citizens and the government.
These new regulations are part of a broader effort to regulate gambling activities in Armenia, a step that is expected to bring increased transparency, fairness, and accountability to the industry.
