The South American nation of Argentina is increasing its focus on internet betting, implementing higher levies to secure a larger portion of the profits. Beginning in the year 2021, the duty on digital gaming will escalate from a mere 2% to a more significant 5%. This action, championed by Finance Minister Martín Guzmán, forms part of a broader strategy to reinforce the national finances and guarantee that Argentina reaps the benefits of the flourishing online wagering sector.
Businesses headquartered in tax havens won’t be exempt from these revised regulations; they will encounter a steeper 10% tax increase. The administration’s objective is evident: to ensure that the projected $2.4 billion produced yearly by internet gambling within Argentina contributes to the country’s financial rebound.
To maintain transparency, the government will possess access to financial and invoice data, enabling them to monitor online wagering operations. Concurrently, Argentina’s provinces are rushing to establish their own gaming ordinances, with some having already granted provisional licenses while others finalize more comprehensive structures. The capital city of Buenos Aires, as an illustration, implemented its finalized regulations for internet gambling in the month of September.