15:58 20 Jan 2021

Government wants to create a new fund financing it with funds from gambling business

The government has approved a law draft "On Amendments to the Budget Code to establish a state fund to support medicine, sports, education, culture and science," which provides the special fund being replenished with fees from the licenses for gambling licenses.

The government representative in the Verkhovna Rada Vasyl Mokan announced this in Telegram.

The law draft, in particular, provides for the creation of a state fund to support medicine, sports, education, culture, and science as part of a special fund of the state budget of Ukraine.

And also, directing deductions of annual license fees from activities in the organization and conduct of gambling to this fund.

As reported, 50% of revenues from fees for gambling licenses will go to local government budgets at the location of the gambling establishment.

It should be noted that in the 2021 budget, it's planned to receive UAH 7.4 billion from the fees for gambling licenses, which will go entirely to the special fund of the state budget.

In particular, UAH 3.3 billion is planned to be paid as a subvention to local budgets for socio-economic development measures.

At the expense of these funds, it is planned to finance 5 items of expenditure:

  1. development of airport infrastructure, UAH 1 billion;
  2. creation of a modern clinical base to treat cancer at the National Cancer Institute: total funding is 1.5 billion UAH, of which 805 million is collected by paying for gambling licenses;
  3. creation of the Fund for the Development of Institutions of National Importance at the Ministry of Culture, UAH 2 billion;
  4. subvention to local budgets for establishing cultural service centers, UAH 300 million;
  5. subvention to local budgets for socio-economic development measures. The total subvention is UAH 6 billion, of which UAH 3.3 billion is due to payments for gambling licenses.

It is expected that funds to the special fund will be directed starting in 2022.

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