“Ukrgasbank” and “Ibox Bank” assisted the gambling industry in withdrawing 10 billion hryvnias per month “into the shadows.”



Throughout the conflict, the gambling industry was able to secretly generate approximately 10 billion hryvnias in monthly revenue. This was done by operating in the shadows. This was reported on Telegram by Yaroslav Zheleznyak, who is a People’s Deputy from the Holos faction and the First Deputy Head of the Verkhovna Rada Committee on Tax and Customs Policy, according to Ukrrudprom.

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There are many different types of betting, gaming, and wagering activities, making up the enormous and complicated gambling business. The industry has been around for centuries and has continued to develop and expand as technology and social views about gambling have changed.

In Ukraine, gambling was formally outlawed in 2009, but in 2020, the Ukrainian parliament approved a law that made it lawful. The new law permitted the lawful operation of land-based casinos, online casinos, sportsbooks, and lotteries, subject to specific rules and licensing requirements.

The legalization of gambling in Ukraine has been hailed as a significant advancement for the economy of the nation because it is anticipated to increase tax revenue and open up new employment prospects. But there are also worries about the possible social and economic costs of gambling, including addiction, criminality, and monetary difficulty.

It is worth noting that Ukraine is not the only country where gambling has been allowed after a period of the ban. Numerous other nations, including the United States, have also gone through the legalization and regulation of industrial processes.

According to him, the relevant infractions will be discussed at the meeting of the legislative VSK on tax avoidance by the gambling industry, which is provisionally set for the 28th of February.

What has Zheleznyak said ::::

According to him, a wide variety of financial organizations, including banks and retail chains, are also involved in tax avoidance strategies inside the gambling sector. This industry includes internet casinos. The banks are their most significant henchmen. There were a total of nine banks that provided the “miscoding” service and allowed customers to withdraw the aforementioned sum of money. Not all banks participated in this scheme. To put it another way, he ensured that the player’s money was transferred into the casino account; nonetheless, Zheleznyak asserted that the player’s money was used “for advertising services.”

He made it clear that he was referring to one of the state-owned banks as the establishment that was in charge of providing such a service. bank. I will not reveal the identity at this time, but you can find the relationship between each letter of the name and the word ‘gas’. The name will not be revealed in this context. Also, a significant amount of money was thrown away as a direct result. The statement was made by a member of parliament, and it probably related to the state-owned and operated Ukrgasbank.

gambling industry and Lottery Regulatory Commission

According to the court register, Ibox Bank is currently contesting in court the decision of the Gambling and Lottery Regulatory Commission (CRAIL) to order an inspection and has received a court decision to ban its license to provide services in the field of gambling. This decision was made after Ibox Bank received a court decision banning its license to provide services in the field of gambling.

Measures were taken against the banks in question

Zheleznyak emphasised that he would be making an appeal to the National Bank of Ukraine (NBU) with a request to take action to apply pressure on the banks that were participating in this scheme. He said that he would be making this request in the near future.

According to reports, on February 6, President Volodymyr Zelensky signed a law that repealed the norm that had been adopted in the middle of April of the previous year. This norm permitted the gambling industry to switch to a simplified taxation system, paying only 2% of the single tax. This law was repealed by President Zelensky on February 6.

Tax evasion

Daniil Getmantsev, the chairman of the Verkhovna Rada Committee on Finance, Tax, and Customs Policy, disclosed that the state had lost billions of hryvnias in income as a direct result of the provision of tax advantages for the gambling industry & at the beginning of the Russian aggression. Getmantsev is of the opinion that the most serious problem that the gaming business is currently experiencing is not even the benefits that he has enjoyed for over a year, but rather the widespread tax evasion that is taking place as a result of the usage of electronic payment methods.


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March 16, 2023

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