Czech Finance Minister looks to double taxes by 2016

Czech Republic Finance Minister Andrej Babis wants to double taxes on betting operators from 2016. At present operators Czech licensed betting operators pay 20% taxes on their gross win earnings from gambling, plus a 19% corporate tax rate.

Babis will look to increase taxes to 30-40% from 2016, as the Czech government looks to overhaul its gambling sector. The finance minister will present his 2016 proposal to the Czech Republic General Assembly this Friday.

Czech news sources report that the state could raise 6 billion Czech Crowns ($270 million) in revenues from sector taxes.

Current Czech gambling regulations have come under industry scrutiny for providing unfavourable market conditions. The Czech government has stated that it is keen to open its market to foreign operators and to allow international online betting to operate in the country.

At present the Czech gambling market is led by Prague listed Fortuna Entertainment. If approved Babis increased tax duties will likely put off foreign gambling and sports betting operators from entering the market.