Brazil: Lula da Silva enacts banned provisions in Sports Betting Law
Friday 24 de May 2024 / 12:00
⏱ 2 min read
(Brasilia).- The Official Gazette of the Union (DOU) published on Wednesday 22 the promulgation of the provisions vetoed by the President of the Republic in Law 14.790/2023, which deals with the fixed-odds betting lottery.
By overriding President Luiz Inácio Lula da Silva's vetoes, the National Congress decreed the validity of the provision defining that income tax will be levied on the total betting result of each year, and not on each bet individually.
In addition, income tax on sports betting will be levied annually, only on net winnings exceeding the value of the first tax exemption band.
LAW NO. 14.790 OF 29 DECEMBER 2023
Provides for the lottery modality known as fixed betting; amends Laws No. 5,768, of 20 December 1971, and No. 13,756, of 12 December 2018, and Provisional Measure No. 2,158-35, of 24 August 2001; repeals provisions of Decree-Law No. 204, of 27 February 1967; and enacts other provisions.
THE PRESIDENT OF THE REPUBLIC
I hereby inform you that the National Congress decreed and promulgated, under the terms of section 5 of article 66 of the Federal Constitution, the following vetoed parts of Law no. 14.790, of 29 December 2023:
‘Art. 31
Paragraph 1 For the purposes of the provisions of this article, the positive result obtained in fixed odds bets made each year, after deducting the losses suffered in bets of the same nature, shall be considered a net prize.
Paragraph 2 The tax referred to in the heading of this article shall be levied on net winnings exceeding the value of the first band of the annual progressive table of the IRPF.
Paragraph 3 The tax referred to in the heading of this article shall be calculated annually and paid until the last working day of the month following the calculation.
Brasília, 21 May 2024; 203rd of Independence and 136th of the Republic.
LUIZ INÁCIO LULA DA SILVA
President of the Federative Republic of Brazil
Categoría:Legislation
Tags: Sin tags
País: Brazil
Región: South America
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