At 10% the tax on betting - the Legal and Financial Committees have concluded

 

10% Tax on net earnings of companies betting and 3% levyfor support of voluntary organizations and programs for the protection of juveniles addicted to gambling, it was decided at a joint session of the Legal and Financial Committees in relation to the issue of taxation of betting.

From the percentage of 3% the 1.5% will be going to tHE CFA to strengthen football teams and their axacemies, the 0,05%  will be going to the Federations of other team sports and will be available from the Aythority for the purposes of betting support mechanisms ad programs to protefvt young people addicted tog ambline.

The tax payment will be made to the Cypus Repulic and the 3% of contrinutions will be made to the Authroity and the Authority will pay that amount to the full amountn without any raqte, he added.

Mr. Ionas Nikolaou stated that the tax levy will be calulated from the net earninhgs of companies.

Net earnings are the total amount paid to the company less the amounts earned by the parties in the company.Mr. Nikolaou stated that they will not cut of from the net deductions anhy amounts related expenses or fees or anything else.

It is not on profits but on net earnings. or profits after deduction of the players, he stated.

Mr. Nikolaou stated that our goal is to lead this to a law of approval by the House of Parliament, by Friday.