Brazil: Special Secretary to address Parliamentary Commission on betting taxation
The discussion will involve fixed-odds sports betting tax obligations.
Federal Revenue of Brazil Special Secretary Robinson Barreirinhas will appear before the Parliamentary Commission of Inquiry into Gaming Manipulation and Sports Betting (CPIMJAE) to discuss taxation on wagers later this week, according to a recent news report from the State Agency.
Barreirinhas was invited by Senator Carlos Portinho to “explain to the members of the collegiate the tax obligations of fixed-odds betting companies, the so-called bets, and the incidence of taxes on prizes obtained in this type of betting.”
Portinho explained to local news the importance of making sure that operators are functioning within legal parameters.
He commented, “It is imperative to know initially if these sports betting platforms that operate openly in the national market, including sponsoring numerous clubs in series A and B of the Brazilian Football Championship, advertising in various open TV media vehicles, are acting legally or illegally in the country, moving billions of reais, sending these resources to other countries, not collecting the taxes due.”
Brazil is scheduled to open its regulated market January 1 2025.
In anticipation of the market’s debut, more than 100 operators have filed iGaming license applications.
The Prizes and Betting Secretariat of the Ministry of Finance recently published ordinance 1.207, a document establishing the rules and regulations for fixed-odds betting operators.
Ordinance 1,207 focuses on the technical requirements fixed-odds betting must meet for their online gaming and live gaming studios.
The new regulation also says that fixed-odds betting operators are required to possess a license from an organization that is recognized by the Prizes and Betting Secretariat. Operators must also present a payout out that lists all the winning outcomes prior to the start of bets.
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