Armenia to amend gambling winnings taxation

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YEREVAN, June 10. /ARKA/. The Committee on Economic Affairs of Armenia’s National Assembly approved a bill on gambling regulations in the second reading on Monday./pp

The bill introduces notions of “regular prize” and “large prize”. Any winnings exceeding 5 million drams will be considered large prizes and will be subject to 5% tax./pp

As for regular prizes, the winner will be obliged to calculate the difference between their bets and their prize money; this difference will be subject to 10% tax./pp

Chairman of Armenia’s State Revenue Committee Rustam Badasyan revealed that a competition will be set to determine the company that will be supervising all bets. All gambling machines in the country will need to have specific software installed, connecting them to the State Revenue Committee for the regulator to monitor all bets./p