Brazil’s Finance Ministry is expected to levy a 15% tax on the revenue of sports betting companies, in addition to requiring a fee of 30 million reais ($5.93 million) to operate in the country, two sources with knowledge of the matter told Reuters on Thursday.
The rules will be enforced through an executive order, which is being finalized by the government and should be published after President Luiz Inacio Lula da Silva and Finance Minister Fernando Haddad return from an official trip to China next week.
The plan’s details were first reported by local news website Poder360 and confirmed by Reuters, which had previously reported the government’s intention to require betting firms to be based in the country.
