Switzerland is finally about to pass a unified law on gambling after the Parliament agreed on the final details about taxes.
Switzerland.- A single gambling law is about to be achieved in Switzerland after the Parliament agreed on a compromise over taxes on winnings from lotteries and sporting bets. The country is close to unifying gambling legislation under a single law that would regulate the industry altogether.
The Parliament members concurred on taxing lotteries and sporting bets only when winnings cross US$1.029 million and overcame the final hurdle that delayed the unified law. The decision sets equal taxation criteria over all forms of gambling, unlike it’s currently set, having winnings from lotteries and sporting bets taxed and not money won in Swiss or foreign casinos.
The new legislation is set to replace the 1923 Lotteries and Betting Act and the 1998 Gambling Act and will take a tougher stance on online betting.
As underage gambling is one of the main concerns regarding the online segment, tha law-to-be was created with a view to protect minors and also prevent money laundering. It will limit online betting games to entities based in Switzerland and winnings from online gambling will also be subjected to income tax.