According to several reports, Belarus is preparing to allow online gambling. According to BelTA, a Belarusian media outlet, the country’s president, Alexander Lukashenko, signed a document on Tuesday which defines the gambling business. The legislation allows a better understanding of the definition to the industry which includes organization and administration of activities through an online casino.
Belarus established procedures covering the licensing and taxation procedures for online gambling. The country has now developed appropriate conditions and requirements essential to establish a gambling business.
A licence would be granted only after completing a deposit to a designated account. The payment would be used to cover any winnings and/or tax payments should a casino go belly up. Tax authorities would have to be given remote access to the establishment and a special system would have to be operated to cover cash turnover related to the gambling activity.
Gambling would be allowed only to those of 21 years of age and over. This is an increase over the current 18-year minimum and applies to all casinos: land-based and online. The legislation also indicates that casino visitors cannot give money to others so that they can gamble and all gambling facilities are required to have video surveillance systems installed.
As a result of the latest changes to Belarusian gambling laws, casinos will see their tax rates stay the same for a minimum of three more years which is welcome news as many casinos were uncertain of what was in store for them in regards to possible new taxes being levied on them.
The new legislation is designated to help another aspect, namely revenue generation. It should help keep money at home and reverse the tenancy of locals to gamble through sites that are located outside the country. The result will be more money delivered to Belarusian coffers.
The legislation was drafted by the Belarusian Minister of Taxes and Levies, Sergei Nalivaiko. There was a discussion for some time that the gambling laws needed updating and last month BelTA reported that it anticipated the new legislation to be accepted by Lukashenko and signed soon.