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Cypriot government to impose betting tax for football development

29 Jun 2020

cyprus-taxThe Cypriot government is determined to amend the nation’s sports betting law in order to benefit the development of all levels of Cypriot football. MPs of the Cypriot Parliament held a meeting that was attended by the Pancyprian Footballers Association (PASP) and debated regarding the utilization of a percentage of the total tax revenue generated from betting so as to support and educate footballers across all levels in Cyprus.

What will the Tax Incur?

According to the proposed amendment, the Cypriot government will apply a 0.3% tax on all sports bets destined for PASP football programmes. PASP announced that it supports this amendment, originally proposed to the country’s parliament in 2017.

PASP President Spyros Neofytides stated that they support the aforementioned proposal that was put forth at the House of Representatives, despite the fact that three years have passed since it was initially introduced. He also said that they are certain that the appropriate officials will decide what’s best for the common good of Cypriot sports.

Furthermore, he emphasized that a new betting tax was needed in order to support and develop Cyprus’ 3,500 registered professional and amateur football players. In addition, PASP underlined the need for support of mental health programmes for athletes who reside in Cyprus.

It is worth noting that, in 2012, Cyprus approved its sports betting law and allowed land-based and online operators to offer fixed-odds betting under a Class 2 license issued by the Cypriot National Betting Authority. Currently, there are 10 licensed sportsbooks in Cyprus, which are taxed at 10% at their GGR, along with a 3% ‘civic tax’, which is destined for problem gambling and national health services.

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