Russia’s finance ministry will double taxes on slot machines and betting shops in the Russian Federation, according to an Asia Games Brief report.
Deputy Finance Minister Alexei Moiseyev (pictured) made the remarks during a briefing at the Moscow Financial Forum on Friday, the news agency reported. Russia’s private independent news agency Interfax reported that Moiseyev said, “We think we should adjust taxes, we plan to double taxes, but our plan will increase them further in line with tax collection and industry response.”
According to the report, Moiseyev pointed out that taxes have not been indexed for more than a decade.
The Russian Federation’s constituent bodies determine tax rates on gambling within the limits approved at the federal level. Currently, the minimum tax rate for slot machines is 1,500 rubies ($23.50) and the maximum tax rate is 7,500 rubies. Tax rates paid by totes and betting shops range from 5,000 to 7,000 rubies.
Meanwhile, Summit Accent Holdings, the company behind the Tigre de Crystal Casino Resort in Russia’s Primorsky Region, recently reported net income of HK$1.7, slightly above HK$219,100, for the six months ended .