In the wake of Brazil’s Senate approving new ad restrictions last week, the gambling sector could face a further blow in the form of tax increases.
Six of the biggest gambling trade associations in Brazil have issued a joint statement, hitting out at potential government plans to raise industry taxes.
On Tuesday, associations such as the Brazilian Institute of Responsible Gaming (IBJR) and the National Association of Games and Lotteries (ANJL) responded to a Senate bill which called for a financial transactions tax (IOF) rate increase from 0.38% to 3.5%.
The IOF applies to credit and foreign transactions and can be applied immediately, unlike many other tax changes.
