The expert named the top priority issue of gambling business in Ukraine in 2021

The head of the Ukrainian Gambling Association Anton Kuchukhidze at his first press conference of the new year called the government’s priorities in the launch of gambling business. In particular, the adoption of amendments to the Tax Code, according to the expert, should become the highest priority.

Kuchukhidze reiterated the assertion that without clear tax regulations, invertors and potential operators of the Ukrainian gambling market are not able to clearly spell out their development strategy in this jurisdiction and calculate all costs. This circumstance only slows down the launch of this industry, because “the investor begins to wait, not invest.”

The expert went on to say that the overwhelming majority of Western investors have two main complaints about Ukraine – big and progressive corruption problems and incomparably high taxes. If with the first, according to Kuchukhidze, the Ukrainian gambling market has no problems and is not expected, the issue of taxation so far remains out of sight of the deputies.

According to the functionary, the Verkhovna Rada should close the fiscal issue in the gambling business in the first sessional week of the new year. For this purpose it is necessary to pass the bill 2713-d. But in this document Kuchukhidze proposes to prescribe the most effective for Ukraine formula of tax rates for operators of gambling entertainment. It is based on cancellation of 18% tax on player’s winnings and postponement of taxation of the industry till January 1, 2024.

Head of the Gambling Association of Ukraine believes that this model will attract the leading operators of gambling business in Ukraine, to protect players from unfair competition and increase budget revenues by selling more licenses. Kuchukhidze calls any resistance and prolongation of the issue of amending the tax legislation as “subjective playing along with the shadow players”, which negatively affects the image of Ukraine.

Recall, the expert summed up the development of gambling business in Ukraine in 2020.