The Ministry of Finance of Ukraine regulates the activity of lottery operators

The Ministry of Finance of Ukraine regulates the activity of lottery operators

The Ministry of Finance of Ukraine has elaborated a draft law for licensing lottery operators, which stipulates fixed fees and a possibility to organize lottery activity for Ukrainian banks.

According to new terms, lottery operators will pay fixed licensing fees to the state in the amount of 100 thousand of minimum living wages, which equals to approximately UAH 168 million. Also, an annual fee will be charged from distribution outlets. In total, a single organization will bring around UAH 200 million in taxes.

The new draft law is intended to increase government revenues as far as currently, the legal framework does not regulate the activity of lottery operators. Experts evaluate the volume of the Ukrainian lottery market at UAH 40 billion.

Besides, the new draft law provides the Ukrainian state banks with the right to organize lotteries. The decision was taken to avoid the monopoly in the market and to create a competitive environment. The document will be reviewed by the Cabinet of Ministers of Ukraine in the nearest future.

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