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Czech Republic Floating Huge 59% Tax Rate on Internet Gambling

Czech Republic Finance Minister Andrej Babis has announced that he intends to propose a tax rate hike on internet gambling operators, raising the amount of total taxes from 39% up to 59%.

The huge hike would work on a scale basis, and would see some betting companies having their tax rates doubled from 20% to 39%. When that is combined with the 19% corporate tax rates, some betting companies could end up paying a whopping 59% tax on their revenues.

The measure is expected to be introduced to parliament next year with the hopes of raising an extra 6 billion Czech Crowns in tax revenue. The heavy rate will likely stop foreign operators from investing in the Czech market, which is counterproductive to the goals that the country's government have set.