Tax: What is the tax take?

MATERIAL CHANGE: The 2026 Economic Package raised the IEPS rate on games with bets from 30% to 50%, bringing non-resident online operators into scope. The Chamber of Deputies approved (351-129) in October 2025 and the Senate on 29 October 2025 (74-35). The IEPS base is gross gaming revenue net of prizes paid, counsel-confirmed (Ramparts, 20 September 2026), resolving the turnover-versus-GGR question previously carried as an open gap; limited offsets include state gaming taxes up to 20% of IEPS. State gaming taxes run 6% to 12%, so the combined State and federal IEPS burden is 56% to 62% of GGR. Corporate ISR is 30% and gambling is VAT-exempt. Counsel further advises that player winnings attract 1% federal ISR where the applicable state tax is 6% or below, rising to 21% where it exceeds 6%; with nearly all 32 states at or below 6%, the combined player deduction is typically 7%. That player-winnings figure rests on counsel's assertion sourced to a commercial tax calculator rather than to the Ley del ISR itself, and is therefore carried at probable confidence pending a primary-instrument check. The combined burden is among the highest for regulated markets in LatAm.