by A group of investors have urged Prime Minister Narendra Modi to reconsider the proposed 28% tax on real money online gaming, warning that it could lead to an erosion of $2.5 billion in investment in the sector.
The investors, who include representatives from companies such as Play Games24x7, Gameskraft, and Nazara Technologies, said that the proposed tax would make India the most heavily taxed market for real money online gaming in the world. They argued that the tax would be a disincentive for investment and would stifle the growth of the sector.
“The proposed tax will have a devastating impact on the Indian online gaming industry,” said a statement from the investors. “It will make India the most heavily taxed market in the world, and will deter investment and innovation.”
The investors also warned that the tax would lead to job losses in the sector. They said that the online gaming industry currently employs over 100,000 people in India, and that the proposed tax would put these jobs at risk.
The investors urged the Prime Minister to reconsider the proposed tax and to adopt a more moderate approach. They said that a tax of 18% would be more in line with international norms and would still generate significant revenue for the government.
“We urge the Prime Minister to reconsider the proposed tax and to adopt a more moderate approach,” said the statement from the investors. “A tax of 18% would be more in line with international norms and would still generate significant revenue for the government.”
The proposed tax on real money online gaming is part of the government’s efforts to raise revenue and to curb gambling. However, the investors argue that the tax would be counterproductive and would actually lead to a loss of revenue for the government.
The investors have also pointed out that the proposed tax would be discriminatory, as it would only apply to real money online gaming. Other forms of gambling, such as horse racing and lottery, would not be subject to the tax.
The investors are hopeful that the Prime Minister will reconsider the proposed tax and adopt a more moderate approach. They believe that the online gaming industry has the potential to be a major driver of economic growth in India, and that the proposed tax would stifle this growth.
