Codere Online pauses new investment in Colombia after 19% deposit VAT becomes permanent
Codere Online said it will pause new investment in Colombia after the government made the 19% VAT on online gaming deposits permanent. Executive vice-president Moshe Edree told investors the country is no longer part of the company’s three- or five-year growth plans; the company said stable deposits had not offset the tax burden.
The decision signals that Colombia’s permanent deposit tax has changed Codere Online’s investment plans for the market.