Increased Tax In Lithuania Forced A Large Gembling Company To Close Its Objects

The manual of one of the largest gambling operators olympic entertainment group (olympic entertainment group (oeg) confirmed information on the closure of nine bookmakers, as well as two gambling halls.

The decision was made in connection with the analysis of oeg activities and its branch baltic. In the course of him, management concluded that increasing tax rates on incoming products in lithuanian outlets made objects of ownership of companies financial unstable.

In its previous statements, the oeg leadership warned advisers on lithuanian political issues that if the government adopt new measures regarding gambling and taxes will increase, the company will close units bringing losses.

Increasing amendments to the law on lottery and gambling government of lithuania will increase income taxes in arcade games, bingo and rates up to 18%, also all types of gambling on the internet will be subject to standard income tax in size in 13%.

Increase in the tax base for slot machines categories a and b associated with the concerns of a number of officials in the government of lithuania. New taxes will imply a monthly license fee for the operation of the machine.

Saulyus petravichus, a representative of oeg in lithuania, said that such stringent initititives to change the tax situation will provake uncertainty, and will also force the current to revise and change the current business model.

Objects that fall under tax raising will be transferred to other operating units, such as casino, bookmakers or remote gambling platforms. Such actions are the company’s reaction for changing market conditions, the purpose of which iso to ensure business sustainability with the help of legal impact.

Recall, regulators on games of great britain and sweden concluded a cooperation agreement.