Armenian taxes gambling winnings to regulate gambling activities

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Armenian taxes gambling winnings to regulate gambling activities

The Armenian Parliament has implemented a comprehensive set of regulations to tighten control over gambling activities. These new rules aim to ensure fair play and generate tax revenue for the government.

The legislation introduces a tiered tax system for winnings. Winnings exceeding 5 million AMD (roughly $12,900) are classified as “large” and taxed at a 5% rate. For smaller wins, citizens will pay a 10% income tax, but only on the net profit (winnings minus the amount wagered).

Furthermore, the government is taking steps to enhance transparency. The head of the State Revenue Committee (SRC), Rustam Badasyan, announced that an independent operator will be selected through a competitive process to monitor all bets and provide real-time data to regulators.

Additionally, all slot machines will undergo rigorous inspections to guarantee they adhere to established standards.

Badasyan commented:

It is in the field of proper taxation. And with the help of this draft [law], we will regulate the taxation of winnings, which, according to the current Tax Code, are considered deductible income and are not taxed.