Zona de Azar Brazil – Brazil: Lula Promulgates Vetoed Provisions of the Sports Betting law on Betting Taxation

Brasília.- May 23, 2024 www.zonadeazar.com   This Wednesday (22), the promulgation of the provisions vetoed by the President of the Republic in Law 14,790/2023, which deals with the lottery modality of fixed-odd betting, was published in the Official Gazette of the Union (DOU).

The National Congress decreed the validity of the device that defines the collection of Income Tax from bettors on the total annual result of bets, by overturning President Luiz Inácio Lula da Silva’s vetoes.

With the promulgation, Income Tax will be levied on the bettor’s net gain , deducting losses on similar bets. Taxation will only be applied to the amount that exceeds the first range of the annual IRPF progressive table (R$ 2,259.20) and must be paid annually by the last day of the month following the calculation.

In view of the promulgation, the Federal Revenue Secretariat will have to issue a new Normative Instruction to adapt the collection of Income Tax, after defining that taxation should only be applied to the net gain determined, different from what established the published IN 2,191 previously at the beginning of May .

Editó @_fonta   www.zonadeazar.com