Bets feel relief with removal of tax from the Anti-Fraud Law; but believe it is temporary
The betting industry in Brazil expresses temporary relief following the removal of a proposed tax from the Anti-Fraud Law, despite anticipating future government intervention.
The Brazilian betting industry experienced a momentary sense of relief after the Cide-Bets tax, which was set to levy a 15% charge on deposits, was removed from the recently approved Anti-Fraud Law. This tax would have been applied retroactively, and companies within the sector had already allocated resources in preparation for its implementation. With the exclusion of this controversial provision, initial estimates suggested that the betting companies saved around R$ 30 billion. Nevertheless, industry representatives remain skeptical, believing this relief is only temporary due to the expected future government activity regarding taxation on betting.