|Monday, November 26, 2007|
|Cyprus next to move to profit tax|
Cyprus is the next country to replace a betting tax based on turnover (handle) by a tax based on the betting operator’s profit. Other countries, like UK, Singapore and Hong Kong have already done so with great success.
In Cyprus, were only pari-mutuel betting on horseracing is allowed; bettors had to pay a 10% betting tax on every bet placed. The old tax is believed to be the reason for the wide-spread illegal betting and the new tax should make this more unattractive.