Cyprus scraps taxes on betting

The Cyprus House of Representatives approved a draft law tabled by the Finance Ministry scrapping the taxation on bests placed on football and horse races, which at 25% on football bets and 10% on horse races was pushing the public to turn to illegal betting.

Following the approval of the legislation, the tax on collective betting stands at a flat 10% rate on the net receipts from betting and would burden all betting companies as well as the Nicosia race club and their authorised agents.