No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveBill would tax gambling and sports betting in Costa Rica

Bill would tax gambling and sports betting in Costa Rica

Within the next two weeks, the Costa Rica Finance Ministry will send a bill to the Legislative Assembly proposing a 2 percent tax on income earned by the gambling, gaming and betting industry. The ministry estimates that the tax would generate up to $85 million for the government coffers if passed.

Total income in the gaming industry is calculated by money earned by casinos, as well as by the online betting industry, which includes gambling games like poker as well as betting on sports. There are 46 operating casinos in Costa Rica as well as 300 gambling-related businesses, including call centers that receive calls for gambling and betting purposes.

If the bill is passed, a regulatory body would ensure that gambling locations and affiliates are licensed and honor the new tax. The regulatory body would be comprised of Finance Ministry and other financial, security and tourism officials.

Though the anticipated financial gains of the tax would pump a large sum of money into the Costa Rican state, companies and employees within the gaming industry are concerned about potential ramifications. Gambling has seen significant drops in revenue in 2009 and the tax would further reduce overall earnings.

Jorge Hidalgo, vice president of the Costa Rican Association of Casinos, said the industry is among the hardest hit by the recession. “Activity has fallen about 35 percent, and in addition to that we have fewer work hours and have had to let go about 500 employees,” he said.

The bill is anticipated to reach the Legislative Assembly on Aug. 3.

Popular Articles

The Paradox of Costa Rica’s Healthcare: Long Lives, Long Waits

Although Costa Rica has a high life expectancy, questions have arisen about the quality of life in our country. Alerts are being raised, especially...

U.S. Tourists Share Robbery Experience in Costa Rica as Crime Concerns Rise

As Costa Rica continues to battle rising crime rates, a recent robbery involving two American tourists has captured widespread attention, thanks to a series...

Costa Rica’s Tortuga Island Coral Garden Revives Reefs

The coral reefs off Tortuga Island in the Gulf of Nicoya are experiencing a remarkable revival, thanks to an innovative coral garden project spearheaded...
Avatar
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait

Latest Articles