09/07/2003 15:58
The amount of CYP 20 million pounds was spent in illegal dog race betting by Cypriot gamblers in 2001, while total illegal bets have reached CYP 140 million, compared to the legal bets of CYP 81 million. Deputy Chairman of the House Audit Committee, Giorgos Georgiou, said that CYP 53 million were spent in the legal horse race bets and CYP 60 million in illegal bets. As regards to the collective betting of European courses, the Cypriots hardly spent CYP 28 million in legal agencies against CYP 60 million in illegal bets.
To reduce illegal betting, the House Audit Committee is examining the possibility to amend the relevant legislation and drop the tax rate. Mr. Georgiou told StockWatch that the bill will be set under the Parliament’s approval in October and will provide for the abolition of the 25% tax paid by the gamblers. Taxation will drop to 8% against 25% and will be paid by the betting company within the period of 25 working days. Tax in horse race betting will fall to 3%.
Reduced taxation will lead to the decline in state revenues
The Directors of the Cyprus Horse Race Club said on Wednesday that the reduced tax rate of the horse race betting will lead to the decline in the state revenues. According to a survey carried out on behalf of the Club, the state revenues will drop, even if the turnover of the legal betting will increase by 50%.
G/C and T/C cooperation in legal gamble
Deputy Chairman of the House Audit Committee, Giorgos Georgiou, revealed today the operation of a luxury betting agency in the occupied areas of northern Cyprus with the joint action of G/C and T/C.
To reduce illegal betting, the House Audit Committee is examining the possibility to amend the relevant legislation and drop the tax rate. Mr. Georgiou told StockWatch that the bill will be set under the Parliament’s approval in October and will provide for the abolition of the 25% tax paid by the gamblers. Taxation will drop to 8% against 25% and will be paid by the betting company within the period of 25 working days. Tax in horse race betting will fall to 3%.
Reduced taxation will lead to the decline in state revenues
The Directors of the Cyprus Horse Race Club said on Wednesday that the reduced tax rate of the horse race betting will lead to the decline in the state revenues. According to a survey carried out on behalf of the Club, the state revenues will drop, even if the turnover of the legal betting will increase by 50%.
G/C and T/C cooperation in legal gamble
Deputy Chairman of the House Audit Committee, Giorgos Georgiou, revealed today the operation of a luxury betting agency in the occupied areas of northern Cyprus with the joint action of G/C and T/C.
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