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Gaming Association appeals to President over gaming machine tax rise

Banking

The Hungarian Gaming Association has asked President Pál Schmitt not to sign legislation stipulating a fivefold rise in the gaming machine tax adopted on Monday, the association told MTI on Thursday.

The association says that the tax is unrealistically high and will make the entire industry go bankrupt, thousands of catering units will have be closed down and tens of thousands of employees laid off as a result.

The new gaming machine tax will amount to HUF 500,000 per month per machine, up from HUF 100,000. The tax for machines operated in casinos will rise to HUF 700,000 a month from HUF 120,000 at present. Operators will also have to pay a new tax if net revenue from a gaming machine exceeds HUF 900,000 per quarter. The tax is 20% of net revenue in excess of the limit in the quarter.

Parliament approved the tax changes, effective as of November 1, on Monday. A tax on online gambling will take effect on January 1, 2012.

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