The Plenary of Congress has approved Peru’s the sports betting tax rate for the forthcoming market.
Congress approved 12% on taxes for all regulated betting.
The tax revenue will be divided amongst Public Treasury, the Peruvian Sports Institute (IPD), and the Ministry of Health.
LIMA, Peru – Sports betting in Peru took a big step forward as the Plenary of Congress approved the sports betting tax.
Congress agreed to set the tax on sports betting in Peru to 12%. The Ministry of Foreign Trade and Tourism (Mincetur) will oversee the regulated betting market.
The tax for betting will be administered by Sunat, the Peruvian organization that enforces taxation and customs in the country.
Peru Meets Sports Betting
The approval came as 91 congressmen voted in favor of bills 168, 1923, 2206, and 2070. The taxation is set based on the definition of sports wagering, including remote sports betting (online and mobile) as well as a tax on games.
Revenue from betting will be divided into several groups. Mincetur will see 40% of the total revenue in which they will divide the funds with 75% going into tourism promotion and 25% going into control and supervision over online betting.
The remainder of the betting revenue will be allocated into equal 20% funds to the Peruvian Sports Institute (IPD), the Ministry of Health, and the Public Treasury.
The IPD will use its funds to promote local sports nationally, and the Ministry of Health will focus its funds on mental health programs.
While no set date for the launching of sports betting in Peru has been set, the market is moving forward. The approval of taxation rates is a major step in the direction of an eventual launch.
News tags: IPD | Lima | Mincetur | Ministry of Health | Peru | Peruvian Ministry of Foreign Trade and Tourism | Peruvian Sports Institute
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.