Moscow to raise taxes on gambling in 2006 - Tuesday 18th of October 2005

Moscow city authorities are planning to double the gambling tax on slot machines and to increase the taxes on gambling tables and bookmaking offices by 25%, a city official said Monday.

"Gambling taxes will be raised to the highest level determined by the Tax Code," said Valery Zhukov, deputy head of the department for Moscows economic policy and development.

According to Zhukov, the monthly tax rate for slot machines will be raised from $131 to $262, and for other types of gambling, from $3,498 to $4,373 per unit.

The gambling business is flourishing in Russia nationwide. There are 56 casinos and 63,000 slot machines in Moscow alone.

The increased taxes could add an additional $69.96 million to the city budget, Zhukov said.

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