Greece Banks on Tax Hike

Sat, Nov 21, 2015

The financially embattled country and its lenders have agreed to raise the gaming tax to help raise revenues. The plan calls for a 5 euro-cent tax, which is expected to generate €300 million to €400 million per year.

On November 17, Greece and its international lenders agreed to a new tax on all bets placed with Greek betting firm OPAP, according to Reuters. The government hopes the measure will help raise up to €400 million (US8 million) per year for the financially strapped Mediterranean country.

The gaming tax replaces an unpopular 23 percent value-added tax on private schools. It may enable Greece to access €2 billion in bailout funds, and about €10 billion to shore up its four biggest banking institutions.