SBC News Coljuegos boosts tax takings for Colombian health but warns of non-compliance

Coljuegos boosts tax takings for Colombian health but warns of non-compliance

Coljuegos, the Federal Gambling Authority of Colombia, has warned that all licensed operators must comply with their tax duties. 

This warning came after the publication of Colombian gambling’s accounts for the period of January-to-August 2023, overseen by Coljuegos.

Year-to-date accounts showed a 16% increase in ‘tax transfers’ from licensed businesses to COL $564bn (€125m).

Including tax takings, during 2023, Coljuegos declared that it had raised roughly COL $750bn (€166m) for Colombia’s national health service, fulfilling the regulator’s primary social directive.

Despite the increase, Coljuegos President Marco Emilio Hincapie highlighted tax non-compliance by undisclosed gaming companies as a mounting concern.

According to Hincapie, “there are several operators that do not meet the requirements to obtain or renew their licences.”

Colombia revamped its Gambling Act in 2017, becoming the first South American nation to launch a federally licensed online gambling marketplace.

Established with the introduction of the new Gambling Act, Coljuegos is responsible for the tax collection from Colombian gambling operators, with funds being directly allocated to Colombia’s national health service.

“This entity makes significant efforts to increase collections to benefit the health of Colombians,” added the president of Coljuegos. “It’s with the help of the 348 localised gambling operators, 16 online operators, and two innovative gambling operators that we can progress towards the modernity the entity demands.”

Further regulatory developments saw Coljuegos submit a bill to the government, seeking to become the ‘Central Authority‘ overseeing gambling advertising in Colombia.

Submitted on 29 September, the bill aims for Coljuegos to introduce a series of new rules to “regulate the conditions under which authorised operators can promote advertising, sponsorship, marketing, or any other form of commercial communication activities in Colombia.” 

Check Also

SBC News Colombian regulator hints at “green lottery” in Latin America

Colombian regulator hints at “green lottery” in Latin America

Colombian lottery regulator Coljuegos has put forward a proposal for the creation of an Ibero-American …

Codere Online

Codere Q1 retail declines outpace Online growth

Codere SA has detailed a challenging start to year-end trading for its land-based gambling properties …

SBC News Colombia to debate tax increase on online gambling

Colombia to debate tax increase on online gambling

The Senate of Colombia (upper house) has confirmed that tax measures on online gambling will …