Approving an Online Gambling Regulation in Chile

The government of Chile is accelerating its proposal to regulate the online gambling industry.

Home / Laws and Regulations / Approving an Online Gambling Regulation in Chile

According to Alejandro Weber, Undersecretary of Finance of Chile, the government will seek to regulate an online gambling market that would contribute around $55m a year in taxes. The regulation will contemplate a specific tax that will allow Chile to access millions annually for online gaming operations. The project aims to set clear rules for an industry that is not currently regulated in Chile.

If the project is approved, the Superintendence of Gambling Casinos (SCJ) would be renamed the Superintendence of Casinos, Betting and Games of Chance and would be in charge of supervising the online industry. Companies would be able to obtain a five-year renewable license or a temporary, non-renewable six-month license. All types of games would be allowed, with the exception of lotteries and the ones that attract minors. The companies would have to be located in Chile and demonstrate the necessary funds to be able to operate.

In addition, they must detail their shareholders and beneficiaries and report all types of suspicious operations. Additionally, the companies would be subject to a 20% gross income tax, which would replace VAT, as well as the payment of 1000 UTM – the unit of account from Chile – for renewable licenses and 100 UTM for temporary licenses. Operators focused on sports betting must also allocate 2% of their gross income to the national federation of the sport involved in the betting activity and an extra 1% to carry out responsible gambling actions. Users will also be affected by a 15% income tax, which will be taken when withdrawing the money from the platform account to the personal account.

Apparently, Chile is on its way to approving an online gambling regulation. The Executive is planning on sharing an update by March. The Undersecretary of Finance, Claudia Sanhueza, communicated that the authorities set themselves to have regulations, add the changes to the bill unveiled last year and advance on it during the first semester.

Rhonda Grace

Leave a Reply

Your email address will not be published. Required fields are marked *

© Copyright 2024 Trusted Online Casinos Reviews
Powered by WordPress | Mercury Theme