Russia has remained the centre of the media’s attention for several reasons. Currently, the world is looking at the Sputnik 5 named vaccine against the coronavirus pandemic. But, the insider information says something different. Current president Vladimir Putin is once again on the hot topic list after signing a controversial and strict bill last week in Russia. The bill is one of the most comprehensive and reliable sources of revenue for Russia. You guessed it right. Right now, Russia is going crazy over the Blackjack betting legislation that came into action. Please scroll below to know more regarding the topic.
Vladimir Putin signed a bill on thirty December 2020 stating authority to apply more strict rules for the betting industry. According to his, this sector is not getting the right monitor and needs more to ensure the players’ safety. So, from now on, Russian online gaming servers, roulette live, and betting games will face unified gambling regulators. The legislation also includes a restriction over the social media publication that goes against the Russian standard and government by the tiniest bit. The situation is getting tough for the games and betters. The bookkeeping service providers are not happy with this law, and people are showing their protest Through online since then.
Why are the bookkeepers creating fuss?
Before, the online gaming players needed to go through a two-step self-regulatory organization. These organizations used to manage the license, facilities, and everything other necessary to run a gaming facility. Bookkeeping services were also a part of the package. But, now, with the abolishment of two self-regulatory organizations, there will be no place for the bookkeepers. Besides, the legislation has something more for the bookkeepers.
The current legislation is proposing to establish a centrally regulated finance control board. Every single online and offline betting currency needs to slow through this circuit before coming to the economy as white money. It is not only about the extra monitoring at all. The new payment hub will be withdrawing 1.5% of each transaction from every player from their winning wage. The percentage is hilarious, and none can even complain about it. Besides, the payment system management and tips were w great source of income for the bookkeepers before. Now with a central payment board and established system, things will go out of hand soon.
Bookkeeping services cost and tax
On one side, the bookkeepers are losing jobs, and it is tough for them to compensate in this situation. Over that, the government is trying to impose more taxes on the service. For example, before, bookkeepers needed to pay five million Russian rubles per quarter in a year, which sums up twenty million Russian rubles a year. With the current law, a bookkeeper will have to pay a whopping thirty million rubles per quarter of a year. It converts to about four hundred thirty thousand dollars for three months a year. It will go as high as 1.6 million Russian rubles irrespective of the bookkeeper’s annual turnover.
According to the records, the extra money will go to the Russian national sports funding to improve Russian native sports. But, the game owners and bookkeeping service providers are not happy with the explanation. It seems like the new year will start on a discordant note for the people in the betting and gaming industry. The latest information says that the new rules will come to action from twenty-first January of 2021, and the facilities owners and players will try to look for the loose ends and loopholes in the law.