Parliament Approves Betting Tax Increase to Boost Club Revenues

The Plenary Session of Parliament has given its approval to a bill that raises the betting tax to 4.5%, with the intention of directing the additional revenue to football clubs to help them settle outstanding tax debts.

The bill passed with 27 votes in favor and 25 against. Members of DISY, DIKO, and ELAM supported the measure, while opposition came from other MPs.

In addition to the main bill, an amendment introduced by AKEL, DISY, DIKO, and DIPA was approved. This amendment ensures that the percentage of betting revenues allocated to federations other than the Cyprus Football Association (KOP) will increase by 0.5%, bringing it to a total of 1%. The funds for these additional allocations will be managed through the Cyprus Sports Organization (KOA).

This legislative development underscores Parliament's focus on balancing the financial obligations of football clubs while addressing the broader needs of other sports federations in the country.

By fLEXI tEAM