Multi bill foresees new casinos and lower taxes for their investors

The targeting is obvious and has to do with boosting non-tax revenues, at an extremely critical juncture. Therefore, the attached Explanatory Memorandum, which accompanies Articles 357-378 of the draft law, is not particularly convincing, when it is more or less stated that through casinos we aim at enhancing "quality tourism."

Looking at the individual articles, one finds that, and there is no misunderstanding, Santorini, Mykonos and Crete should be preparing to welcome the new casinos. However, it will go further, since there is no clear restriction of new permits across the country.

"Maximizing the benefits of casinos is inseparably linked to the pursuit of maximizing the competitiveness of casino businesses, both vis-a-vis each other, and with the companies operating in other countries, especially the European Union. After all, the casino market worldwide is one of the main pillars of the global gambling market, accounting for a significant proportion of the revenue involved. In this context, it is necessary to link the casino market to the wider tourism sector in order to make it more attractive for investment and then to have a positive impact on the economy, taking into account both the market relationships and the protected interests of the citizens, but also third-party, prospective investors," notes the Explanatory Memorandum, announcing the licensing of casinos for every taste. From small establishments to large Las Vegas-style complexes, which it should be noted, will have the possibility to request exclusivity in their territorial jurisdiction.

And what will the State get?

1. The Greek State partakes in the gross revenue of gambling profits up to a hundred million (100,000,000) Euros with a single rate of twenty percent (20%). The new rate of the enterprises subject to this Law shall in any case be four times lower than the rate currently applicable to each operating enterprise.
2. In the gross profit over one hundred million (100,000,000) Euros and up to two hundred million (200,000,000) Euro, the state's participation percentage is fifteen per cent (15%).
3. In the gross profit of more than two hundred million (200,000,000) euro and up to five hundred million (500,000,000) euro, the participation rate of the State is twelve percent (12%).
4. In the gross profit of more than five hundred million (500,000,000), the state's participation rate is eight percent (8%).

From the above - but also from the Explanatory Memorandum - it results that the State keeps its rates low on their turnover so as to give incentives to these investors, while fixed income is characterized by the special annual fee for holding a casino license , equal to 1% of the gross revenue from gambling.