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Brazilian Chamber rejects proposed 15% Cide-Bets deposit tax

Regulation

Brazil’s Chamber of Deputies rejected a proposed Cide-Bets contribution on users’ financial transfers during a vote on the Anti-Gang Bill. The measure would have imposed a 15% tax; betting industry representatives warned that it could encourage use of illegal platforms, and said the issue may return in the Senate.

The proposal’s rejection removes an immediate prospect of a 15% tax on betting users’ transfers, while leaving open the possibility of further Senate debate.

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Regulation

Congress rejects proposed 15% Cide-Bets levy in Brazil

Congress removed the proposed additional 15% tax on betting from the Anti-Gang Bill, according to an account of the decision. The National Association of Games and Lotteries said it supported the removal and warned that the levy could weaken licensed operators and benefit illegal platforms; the article puts the sector’s existing total tax burden at nearly 48%.

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