Earlier this week, the Greece Parliament officially passed a gambling reform package which is expected to clean up the country’s gambling laws and boost the economy. These new gambling laws are part of a package of economic measures that are meant to completely do away with the current gambling regime.
The most notable part of these reforms involves the introduction of Random Number Generators games by the county’s licensed gaming operators. As such, residents of the country will now be able to access a number of popular casino games including slots that were excluded from earlier drafts of the country’s gambling legislation. The exclusion of these Random Number Generated (RNG) games was quite controversial. In fact, the gambling operators even threatened to take legal action. But that was just the tip of the iceberg in as far as the issues that plagued the gambling reforms were concerned.
Now that the Greek government has chosen to reverse its stance on gambling due to the potential positive impact it will have on the country’s economy, it has implemented a number of changes to make it easier for gambling businesses to operate. To begin with, the licensing fee has been lowered from €5 million to €3 million.
Also included in the new gambling legislation is a 20 percent corporation tax which will be applied before the 35 percent revenue tax is subtracted. As it turns out, this will make legal tax avoidance in Greece virtual impossible.
Moreover, the reform has allowed for the extension of temporary gaming licenses that were awarded back in 2011. The operators who are currently holders of these licenses are now allowed to continue operating till March 31, 2020. Once the licenses expire, the operators will have to reapply for the licenses in order to continue operating.
Furthermore, the new bill has also blocked some operators that were placed on a blacklist by the Hellenic Gaming Commission in the past year from applying for the licenses.
Besides the massive changes to the country’s gambling laws, the Invest in Greece package also includes several other provisions that are meant to streamline both planning and environmental planning. In addition to that, there are a number of labor reforms included in the package and together they are meant to help the country reverse the misfortunes its economy has been subject to over the past few years.
Due to the bold nature, these laws have been the source of controversy but it seems the Greece Parliament is now hoping for a more acceptable approach. This just might work.