Senate postpones vote on betting project until next week By Reuters

by time news

2023-11-29 23:55:43

© Reuters. Senate Plenary 02/11/2021 REUTERS/Adriano Machado

By Maria Carolina Marcello

BRASILIA (Reuters) – The Senate plenary decided to postpone, until next week, the vote on a project that regulates sports betting, the so-called “bets”, a project closely monitored by the government which sees in the measure the possibility of increasing revenue while strives to meet the fiscal target of zero primary deficit in 2024.

The Executive’s estimate sent in the Annual Budget Law (LOA) project foresees an impact of 1.65 billion reais in 2024 alone with this proposal, between taxes and fees.

Approved last week by the Senate’s Economic Affairs Committee (CAE), the proposal was scheduled for a vote in the House plenary this Wednesday.

Its deliberation was postponed, however, due to resistance from the opposition to the proposal as they understood that it opens a loophole for so-called slot machines. The rapporteur of the proposal, Angelo Coronel (PSD-BA), agreed to postpone the analysis of the text and considered that next week the president of the Senate, Rodrigo Pacheco (PSD-MG), will be present — he accompanies President Luiz Inácio Lula da Silva on an international trip.

“The project is based on the following: ending clandestinity and collecting taxes that will cover the government’s social programs. So, this is important because I know that, from now on, we will give another week for this project come to the discussion”, said Coronel, in the plenary.

The bets project aims to define the general rules for regulating the lottery modality called fixed-odd betting and establishes the basis for the exploration of the activity, which will require authorization from the Ministry of Finance. The folder will specify in which modalities the operator can act: virtual and/or physical.

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The text determines that net prizes obtained from fixed-odd bets will be taxed at 15%, by the Personal Income Tax (IRPF).

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