Tax on gambling winnings proposed to increase in Colombia

columbia gambling

Tax on gambling winnings offers to increase in Colombia to 20%. As write local news agencies, an appropriate provision is contained in the draft tax reform, which was sent to Congress by the new president of the country, Gustavo Pedro.

In particular, it is proposed to increase the number of tax rates, which, among other things, include prize money received from betting on races or dog races, as well as income from lotteries and gambling.

Currently, the tax rate on gambling winnings is 10%.

Recall that Colombia’s gross gambling turnover for the first five months of 2022 was 25 trillion Colombian pesos ($6.23 billion). Compared to the same period last year, when the turnover reached 15.7 trillion pesos, its growth was 59%.