The authorities have authorized a new uniform tax rate for regulated online gaming. The tax rate is now established at 19 percent of gross gaming revenue (GGR), superseding the prior range of 15 to 17 percent of GGR that depended on operators keeping a return to player (RTP) rate exceeding 83 percent. This modification was implemented in Decree 0175, which additionally included alterations for the financial services and energy industries. A 1 percent tax was established on coal and gas sales, along with a similar stamp duty for stock and securities transactions exceeding C$300 million (€72,000). Last year, President Gustavo Petro suggested implementing a 19 percent value-added tax (VAT) on sales made via digital platforms, which includes online gambling, in an effort to increase funding for social security programs. The Treasury turned down the proposal because of the difficulties associated with its execution. In 2017, Colombia was the inaugural country in South America to introduce regulated online gambling, channeling tax income straight to national healthcare initiatives. Petro is eager to extract more revenue from the gambling industry; however, the trade association Asojuegos has cautioned that raising taxes could boost the black market. This move would compel licensed operators to decrease their player return rates beneath the targeted 78 percent.
