Significant Tax Hikes In Venezuela As Chávez Targets Gambling Industry

President Hugo Chávez’s plans to increase spending on social projects are set to increase taxes across all sectors of the Venezuelan gambling industry.

Last week the Venezuelan Government finalised details of its planned tax increases on gambling services with the approval of new legislation in the country’s National Assembly. The country’s embattled gambling industry was dismayed to find that the Venezuelan Government hopes to fund up to two per cent of the national budget from gaming taxation. President Hugo Chávez has long coveted the potential tax revenue from Venezuela’s largely unregulated gambling industry and the Venezuelan tax collection body SENIAT had prepared the industry for tax hikes with several recent statements announcing impending crackdowns.

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