La Palma: Relief for Gambling

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Peter Brandt 8. October 2021

After the volcanic eruption on La Palma, gambling companies are relieved for tax purposes. Due to the massive damage and persistent destruction, the government of the Canary Island has decided to accommodate the local economy financially in the difficult time. In addition to the banana cultivation, tourism and the associated gambling industry are one of the driving economic engines.

The volcanic eruption on La Palma has released gigantic lava masses that have left a swath of devastation on the Canary Island. ((©WikiImages/Pixabay)

District president passes aid package

Prime Minister Pedro Sánchez and his government for the economic recovery and reconstruction, which is supposed to begin immediately after the natural disaster survived, has a Aid package of 206 million $ announced. The money is intended to benefit the money affected, companies and citizens.

In addition, the government of the Canary Island has launched temporary loosening of the law, one Significant tax relief for the domestic economy provides. This also affects companies from the gambling industry. The fixed tax rates that industry players have to pay in the third quarter of 2021 are reduced. There is also financial relief for the acquisition of new properties. Tax debt of the companies can also be paid at a later date.

Gambling industry. La Palma lives from banana construction and tourism. Both branches of industry are essential for the local economy and were hard by the volcanic eruption. Since casinos and arcades are considered tourist magnets and are an important part of the tourism industry, tax relief also applies to local gaming companies.

Natural disaster with consequences

On September 19, the Vulkan “Cumbre Vieja” broke out on La Palma And since then the Canary Island has been covering a glowing -red carpet of hot magma, which is responsible for a lot of suffering and destruction. On its way towards the sea, the lava flow has destroyed a large part of the infrastructure and more than 1,000 residential buildings.

The responsible authorities and experts cannot predict when the natural disaster will be over. One continues to go Too much danger from the “Cumbre Vieja” out. As Spanish and American media recently reported, the volcano punched out more and more lava and ashes that potentially toxic gases could release.

The authorities of the Canary Island reacted early to the possible danger and warned the residents of the Canary Island. People were asked to do so, if possible to spend little time outdoors. At times even output blocks were imposed. According to the local disaster, the measure was necessary, since the gases could not evaporate due to the weather conditions and thus the air quality was massively influenced. Accordingly, there was an increased health risk for the residents. However, how dangerous the gases are ultimately cannot be assessed.

Change in the land mass. The volcanic eruption not only has drastic consequences for people and business. The effects of the natural disaster can also be felt from a geographical point of view. Large amounts of glowing lava have flowed into the sea that immediately frozen there. This has a consequence that La Palma involuntarily received a new headland. The Canary Island currently measures an area of around 30 hectares, but grows through the lavamasse and thus changes its shape. According to the authorities, the island must be newly mapped according to the catastrophe.

Tax relief in USA

Tax relief as a result of a natural disaster is also planned for companies in USA. Specifically, it is about Affected corporations and companies in the flood disasterthat occurred last July. However, the desired financial relief is not as extensive as on La Palma.

So can Affected gaming companies In the Federal Republic, among other things Special depreciation of up to 30 percent for the reconstruction of the company buildings. In contrast, profound relief such as the suspension of the amusement tax is not possible.

Companies or corporations that want to solidarize and donate to affected business representatives can also assert financial aid. However, grant confirmations must be submitted for this. As a simplified proof of a donation to those affected by floods, a bank statement is sufficient.

Bad Neuenahr. From the point of view of the gaming industry, the casino Bad Neuenahr was in the spotlight as part of the flood disaster. The state -based casino was badly damaged by the water masses that the location had to be abandoned. The planned financial and tax relief are accordingly only a drop on the hot stone. According to the managing director Michael Seegert, the spending saved is not possible to rebuild the casino at the old place of work. It takes an estimated three to five years before a new building can be built.