Head of Ukrainian Gambling Council: “All representatives of the legal gambling market are waiting for the adoption of the tax law”.

Head of Ukrainian Gambling Council: “All representatives of the legal gambling market are waiting for the adoption of the tax law”.

According to the head of Ukrainian Gambling Council Anton Kuchukhidze, now the Ukrainian gambling market is on the verge of the formation of a legal jurisdiction, able to repulse the “shadow” segment. However, according to the functionary, the full development of this industry is impossible without the ratification of a number of special amendments to the Tax Code. With their help, the Commission for Regulation of Gambling and Lotteries of Ukraine (KRAIL) hopes to finally establish a mechanism for taxation of local gambling.

Kuchukhidze noted that the effective functioning of any industry largely depends on the availability of a certain set of tools.

“A special set of rules set the boundaries of the game. They guide the development of business in the required direction. There are two kinds of events: improvement or stagnation with difficulties. However, this situation harms the country’s image in the eyes of foreign partners and also scares away potential investors,” the head of the UGC is sure.

It is important to note that the gambling business of Ukraine legalized last year now works on the basis of the old rules of the Tax Code, which were approved at the time of a total ban of the gambling sphere on the territory of the state.

“This problem creates uncertainty, which scares away operators and companies willing to invest in the Ukrainian gambling industry. In addition, the absence of a clear set of tax rules increases the emergence of risks, especially in the context of multi-million dollar investments in the developing sector of the economy,” Anton Kuchukhidze added.

Therefore the functionary once again urged the deputies of the Verkhovna Rada of Ukraine to put to vote the bill 2713-d, which systematizes taxation and will provide the gambling business a number of advantages, including economic effect and social responsibility.

Recall that 43% of Ukrainians in one way or another support the legalization of gambling business.

Sarah Richardson

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