The Omnibus Law numbered 7146 ("Omnibus Law") was published in Official Gazette number 30498 on 03 August 2018. Apart from the other amendments, the Omnibus Law amends the Law of Regulation of Tax, Fund and Shares from Revenue of Chance Games numbered 5602 ("Law"). Pursuant with Article 14 of Omnibus Law, Article 4 of Law has been modified. According to amendment, the maximum amount of annual total prize which will be paid to the contributors has been increased to 83% from 59% of revenue. In order to reach the percentage mentioned above, it is expected from official bookmaker in Turkey to regulate the betting system. The probable moves are listed below:
- The rates will approach to the rates of foreign bookmakers.
- The minimum number of bets will be decreased.
- The live betting will be official.
- The betting in tennis and ice hockey games will be available.
According to Article 15 of Omnibus Law, Provisional Clause 1 has been amended to the Law. In respect of the clause mentioned above, the quantity variance between the amount of monthly paid value added tax of precedent year and current year will be paid to private account in Turkish banks by Spor Toto Organization. This amount will be used as investment and operating costs by Spor Toto Organization. About the formation of the private account, management and supervision of transferred sums to these accounts; the Presidency is competent.
In accordance with the Article 20 of Omnibus Law, the amendments mentioned above will come into force on 01 March 2019.
If you would like to read the Omnibus Law, please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
