Peruvian President Pedro Castillo has officially legalized sports betting and online gambling. Peru’s Congress voted 91 in favor of the law last month, with no dissenting votes.
The legal decree was subsequently signed, published last week in the official Peruvian newspaper El Peruano and comes into force 60 days after publication.
The law appoints the Peruvian Ministry of Foreign Trade and Tourism (Mincetur) as the country’s official gambling authority.
Mincetur is empowered to oversee all gambling activities in the country. It includes blocking URLs and IP addresses that violate the law and ensuring that all technical software and hardware used to provide online gambling is in order.
The tax rate was set at 12% of the total tax base, levied monthly. The total tax base consists of net revenues less maintenance costs.
The tax is monitored by “Sunat”, the Peruvian customs and tax authority. The maintenance tax is 2% of an operator’s monthly income.
Violation of the law can result in a fine of up to US$51.24. Other penalties include asset freezes or license revocation for up to ten years or permanently.
With information from Latina Press